VOLUNTARY DISCLOSURE
FEBRUARY 2001
UniFer Holdings, a leading provider of quality financial services to the
emerging market, announced today that the group has, after careful
consideration, decided to downsize and narrow the business operations of Global
Insurance, one of the Insurance operations within the group.
Joel Klotnick, CEO UniFer says: "we have indicated over the past few months
that we are re-evaluating the non-performing SBU's within the group."
"Global Insurance has continued to underperform despite the efforts of a new
management team and a comprehensive re-engineering exercise carried out last
year, in addition the majority of business undertaken continued to produce
underwriting losses."
He emphasized that Global continues to have a strong solvency margin and was
recently upgraded to an "A" security rating from Duff & Phelps, for its ability
to pay claims. Global's much reduced focus will concentrate on niche lines.
Klotnick concluded: "The short-term insurance industry is consistently
challenged by new imperatives and South African players were at risk unless
they adapt fast."
ENDS
ISSUED BY: Bullion PR and Communications
Contact person: Lola Lazarus
Tel: (011) 803-3615
e-mail: lola@bullionpr.com
ON BEHALF OF: UniFer Holdings Ltd
Contact person: Ronel Muller, Investor Relations
Tel: (011) 259-7040
Cell: 083 326 5996
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