Santam Limited - Ceo Appointed For Merged Nova-Santam Risk Finance Company
Santam Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/001680/06
Share code: SNT ISIN: ZAE000006854
Johannesburg, 02 August 2005: Santam Limited recently announced the
intention to create South Africa`s first black empowered insurance company
specialising in risk finance, ART, cell captives, underwriting management-
and affinity business, whereby they would acquire the business of Nova
Group, comprising Nova Risk Partners and Nova Life Partners. These entities
would be merged with wholly owned subsidiary Santam Risk Finance Limited,
following which a 33,3% stake of the new business would be sold to Kagiso
Treasury Services Limited, part owned by Kagiso Trust Investments (Pty)
Limited.
All requisite statutory approvals have been granted and a joint committee
today announced the appointment of Michael Blain as Chief Executive Officer
of the merged company, with immediate effect.
Prior to this appointment Blain held the position of General Manager:
Business Development at Nova Group for five years. He is a Chartered
Accountant with Bachelor of Commerce and Bachelor of Accounting degrees from
the University of the Witwatersrand, and an MBA from Wits Business School.
Blain completed his formal professional training at KPMG and was seconded by
the company to Hartford, Connecticut for two years. On returning to South
Africa in 1995, he held the position of AGM Finance and Special Projects at
Commercial Union, and later, Finance Director at PSG Anchor Life, before
joining Nova Group.
Seamless integration of Santam Risk Finance Limited and Nova Group is
expected to be concluded within the next three months, facilitated by the
strategic fit and synergies prevalent in the businesses. Santam Risk
Finance`s strengths in the corporate and risk finance markets are
complemented by Nova`s expertise in and portfolio of UMA and affinity
business.
Chief Executive of Santam, Steffen Gilbert says: `Integration of the two
companies is well underway and an announcement regarding the branding of the
merged business will be made shortly. I am confident that Michael will
create the necessary platform to ensure that the new company becomes the
leading empowered insurance company specialising in risk financing,
underwriting management and affinity business.`
Blain comments: `I am gratified at the confidence shown in me with this
appointment. The team and I are looking forward to the challenge of
ensuring that this business achieves a strong standing in the market. Our
clients and business partners will benefit from a comprehensive range of
insurance- and risk finance products and services procured from the first
black empowered risk finance company in South Africa, backed by an expanded
professional team and a committed and financially secure shareholder. `
ends
For further information contact:
Michael Blain
Del-Maree English
HYPERLINK `mailto:mblain@novariskpartners.com`mblain@novariskpartners.com
HYPERLINK
`mailto:dmenglish@investorcommunications.co.za`dmenglish@investorcommunicati
ons.co.za
(011) 268 6490 / 082 782 7993 021 670 2025
/ 083 395 8608
Date: 02/08/2005 12:21:19 PM
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