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April 10 - Santam, South Africa's leading short term insurance company, recently increased its shareholding in Admiral Underwriting Group from 39 per cent to 70 per cent with the full approval of the Competition Commission.
The increase in shareholding was made possible when Glenrand M.I.B. took a strategic decision to position itself purely as an employee benefits consultancy and insurance broker by selling off its 'non-core investments'.
Admiral Underwriting Group was the last remaining underwriting agency in the portfolio to be sold.
Over the medium term, Santam has committed 15 per cent of its 70 per cent equity stake to a potential Black Economic Empowerment partner.
At the same time, Admiral Underwriting Group's internal shareholders expect that as much as 10 per cent of their 30 per cent stake in the company will be owned by previously disadvantaged individuals.
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