John Hill . . . Santam's marine interests will
be rolled into Associated Marine
THERE'S BEEN final
confirmation of Santam securing full ownership of Associated Marine Underwriting Agency as the insurance giant announces its acquisition of Mutual & Federal's 50% share.
This effectively positions Santam as the major player in the SA marine insurance market.
"Associated Marine underwrites R60-million of premiums each year," said John Hill, formerly chief executive of Associated, and confirmed as managing director of the combined entity.
"The new, and substantially enlarged operation, will become the largest marine underwriting agency in SA with a premium income well in excess of R100-m."
Santam's marine interests will be rolled into Associated Marine, he added, with staff and management appointed from both forming the new administrative structure.
"Associated Marine will continue to operate from Johannesburg, Cape Town, Durban and Port Elizabeth," Hill told FTW, "with current branch addresses and contact numbers remaining unchanged."
