South African pension fund administrator Alexander Forbes has reached an agreement to sell its short-term insurance business in Namibia to Momentum Short Term Insurance Namibia (MSTI Namibia).

Alexander Forbes Insurance Company Namibia (AFI Namibia) offers personal and commercial lines insurance in Namibia.

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The divested company is the fourth largest insurance provider in Namibia by gross written premiums.

The South African pension fund administrator holds a 75% stake in AF Namibia, while Cherish Investments Proprietary owns the remaining 25% stake.

At the start of this year, Momentum wrapped up the acquisition of Alexander Forbes’s short-term insurance operations in South Africa.

Momentum expects the latest deal help its short-term insurance unit in Namibia to accelerate its growth aspirations.

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Commenting on the deal, Momentum Metropolitan Namibia Group CEO Grant Marais said: “Acquiring another established short-term insurer just more than two years after establishing Momentum Short-term Insurance Namibia shows our confidence in the business and will fast track Momentum Short-term Insurance Namibia’s growth aspirations.

The transaction is currently subject to receipt of nod from Namibia’s competition and financial authorities.

“We have already identified significant synergies and will maximise opportunities, which we believe will result in increased revenue to the benefit of stakeholders and the economy at large.”

Alexander Forbes CEO Dawie de Villiers said: “In selecting Momentum short-term insurance Namibia, we are ensuring our clients will continue to experience the superior benefits and service excellence they have at Alexander Forbes.

“Momentum is a company that understands the value proposition we have provided to our clients and our employees and they will continue to invest in enhancing it.”