Santam, South Africa’s largest short-term insurer, will increase its stake in Mirabilis Engineering Underwriting Managers (Mirabilis) by acquiring the remaining 45% shareholding, subject to the fulfilment of conditions precedent for the acquisition of the remaining stake. Santam currently holds a 55% shareholding and the transaction will effectively make Mirabilis a wholly owned subsidiary of Santam.
Founded in 2006 by Russell Myers, an engineer by trade, Mirabilis is the leading engineering underwriting manager in South Africa. Russell Myers will retire at the end of June2021 and Curt Meyer has assumed the CEO leadership role.
“Santam is excited by the opportunities that this transaction brings to both Santam and Mirabilis. The transaction will strengthen Mirabilis’ already excellent capability and service offering to the engineering sector in South Africa. Furthermore, it will provide Mirabilis with a significant strategic advantage by leveraging off Santam’s footprint across Africa and in selected international markets,” said Quinten Matthew, the Executive Head of the Santam Specialist Business.
Backed by Santam’s reputation and financial strength, Mirabilis will continue to operate as an independent underwriting management business committed to providing the client and intermediary with the very best service and solutions.