Old Mutual Insure Acquires Majority Stake In Versma Administrators And Primak Brokerage
Old Mutual Insure Acquires Majority Stake In Versma Administrators And Primak Brokerage. South African company Old Mutual Insure has s announces that it has concluded a deal to acquire a majority stake of 51% in Versma Administrators and Primal Brokerage.
The company said in a statement, “Old Mutual Insure has concluded a transaction to acquire a 51% shareholding in Versma Administrators (“Versma”) and Primak Brokerage (“Primak”), both are financial service providers operating in the Western Cape in the non-life insurance space. Versma and Primak are family- owned businesses that reached maturity in their life cycle and welcomed a large industry player to take the businesses to the next level. These transactions have already received Prudential Authority approval and will have a minimal impact on the discretionary capital balance.”
Versma Management Services was established in 2000 as a full-service provider to its select small-to-medium broker partners. Its business offering continued expanding to meet increased demand from other companies, which eventually grew to the full-service offering today. Versma Management Services provides a full suite of customisable, end-to-end business processing services, which are tailored to each of its broker clients.
Primak Brokerage has since grown to become one of the leading short-term insurance brokers in the Western Cape. The company’s reputation for personal service is central to its success. Since opening its doors three decades ago, the company has acquired various intermediaries and agents, expanding its broker footprint across the country to offer its recognised client-centric service delivery to clients throughout South Africa.
