Momentum Metropolitan Namibia, through their subsidiary Momentum Short Term Insurance Namibia (MSTIN), and Alexander Forbes Namibia Holdings have entered a binding agreement, where MSTIN has acquired all the issued shares of Alexander Forbes Insurance Namibia.
Alexander Forbes (AF) Insurance Namibia is a personal, commercial and Alternative Risk insurance provider focussing on a personalised approach to sales and service with niche offerings. AF is a leading insurance provider in the country and is ranked fourth largest by market share in gross written premium and the largest in ART structured insurance like cell captives and self-insurance solutions.
MSTIN’s focus was predominately on commercial insurance and selective personal lines; however, the acquisition will now enable an extensive product range due to a very strong presence in personal lines, ART and other niche insurance solutions.
Johan Barnard, CEO of Momentum Short Term Insurance assured clients that, whilst there will be a future name change, all clients will still have access to the same products and services, be serviced by the same people and retain their same premium as before. “Client centricity is of the utmost importance”, Barnard emphasised.
“Nothing will really change, it’s business as usual,” said Johan Verwey, MD of Alexander Forbes Insurance Namibia.
Momentum Clients will soon reap the benefits of having access to Alexander Forbes range of personal lines products, whilst Alexander Forbes Clients will benefit from the commercial products of MSTIN, as well as a wide range of Momentum products.
“With this transaction, Momentum can now claim to have the best products and solutions in the short-term and life insurance industry, as well as investments and structured insurance like cell captives and self-insurance solutions,” Barnard concluded.
Momentum Short Term Insurance Namibia will now provide a comprehensive, differentiated and diversified product and service offering, as well as group support to help clients achieve their financial goals on their journey to success.
All clients of Alexander Forbes Insurance will continue to be assisted at the premises of Alexander Forbes Insurance on the 2nd Floor, The Steps @ 1, on the corner of Frankie Fredericks and Chasie Street, Kleine Kuppe, Windhoek.
All coastal clients of Alexander Forbes Insurance and Momentum Short-Term Insurance will continue to be assisted at the premises of Alexander Forbes Insurance on the Ground Floor, Swakop Plaza, in Libertina Amadhila Street, Swakopmund.
Alexander Forbes Insurance and Momentum Short Term Insurance clients will still have access to the same personalized service as before, where they will be assisted by the same trusted employees.