Santam Buys Mirabilis Engineering Underwriters

May 3 - Santam, South Africa's top short term insurance group, has merged its Construction and Engineering Underwriters (CEU) arm with Mirabilis Engineering Underwriting Managers, it was reported last week.

In return, Santam will acquire a 55% majority stake in Mirabilis.

The move was made in order to strengthen Santam's position in the engineering insurance industry in South Africa, giving the group a chance to service the engineering sector more efficiently.

According to the Managing Director of Mirabilis, Russell Myers, his group will continue to operate independently.

"Ours is a successful business that's showing robust growth," he said.

"Our partnership with Santam now enables us to leverage off of Santam's strength as leading short term insurer in South Africa, and to further grow our share of this market."

By acquiring a majority stake in Mirabilis, Santam is essentially creating the premier engineering underwriting entity in South Africa, according the Executive head of Specialist Business for Santam, Quinten Matthew.

The merged entity will be known by its former name, Mirabilis Engineering Underwriting Managers.

"We welcome Mirabilis into the Santam stable of partner companies, and we're excited at the opportunities the merger brings," said Matthew.

"It opens up avenues for quantum growth in the engineering sector," he noted. "Mirabilis will enable us to provide even better service to our business partners and clients, and Santam's stature will give Mirabilis extended market reach and clout."