| Mon 2 Jun 2003, 14:41 | | Steffen Gilbert The New Chief Executive Of Santam |
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STEFFEN GILBERT THE NEW CHIEF EXECUTIVE OF SANTAM
Santam Limited
SANTAM ("SNT")
ISIN: ZAE000006854
JSE Share code: SNT
ANNOUNCEMENT: NEW CEO
Mr Steffen Gilbert (41), chief executive for Africa of international reinsurance
giant Munich Reinsurance has been appointed as Santam Limited"s new chief
executive. This follows Dr Johan van Zyl"s appointment as chief executive of
Sanlam as from 1 April.
Mr Gilbert, an actuary, will assume duty on 14 July 2003.
Both internal and external candidates were considered for the position, said Mr
Desmond Smith, chairman of the Santam board. The process of finding a successor
to Dr van Zyl commenced immediately after his appointment as Sanlam"s chief
executive.
"Over the past two years Santam has started heading in a new direction
strategically, which has already begun to yield results. This is evidenced by,
amongst other things, the more favourable financial results for 2002 - an
increase of 47% in underwriting profit to R142 million and 37% in gross written
premiums to just below R8, 2 billion.
"The sharp focus on business development was given a further boost this year by
our entry to the British market through the acquisition of British niche insurer
Westminster Motor Insurance Association, and a 47,5 % share in Bluesure, a
British personal insurance underwriting manager."
According to Smith, Gilbert"s qualifications, extensive management experience
and international exposure made him especially suited to the position. "Together
with Santam"s dynamic management team he will be able to further drive the
current momentum of strategic repositioning."
It is especially in the area of strategic repositioning where Gilbert
distinguished himself at Munich Reinsurance. As chief executive, a position that
he held since January 1991, he was responsible for the restructuring of all
functionalities within the company into three main strategic disciplines:
finance, reinsurance and service.
Under his leadership, the business unit for sub-Saharan Africa and the Indian
Ocean islands, was the best performer in US dollar terms within the entire
Munich Re Group for two out of the past four years, attaining in this period
also a second place in these rankings.
Slow but steady growth in premiums also picked up during the same period to
achieve an increase of 43% in 2002.
Gilbert, an old boy of King Edward VII High School in Johannesburg, started his
career in 1982 as an insurance clerk with Sage Life and achieved his actuarial
qualifications while there. In 1987 he resigned as controller: group actuarial
services to join Munich Re as assistant manager: Life.
In the next twelve years he achieved rapid success in the management corps and
reached the position of general manager responsible for life/health, corporate
services, information technology and administrative services before being
appointed to the position of actuary (valuator).
During this time his portfolio expanded to include, amongst other things,
product development, marketing, portfolio development and strategic positioning,
in addition to actuarial services.
In reaction to his appointment, Mr Gilbert said that it was a privilege to be
appointed chief executive of Santam.
"It is a company that knows exactly what it wants to achieve within the next few
years and how to go about achieving those goals. I regard it as a special
challenge to lead this process further and to continue Santam"s proud tradition
of uninterrupted sound performance to the benefit of all stakeholders."
ENDS
Vusani Malie
Group Secretary
Tel: (021) 915 7554
Cell: 082 789 0209
