South Africa based MMI Holdings Limited has informed that it was looking to export its short-term insurance offering to Nigeria and the other African countries where it operates. MMI also operates in Namibia, Botswana, Lesotho, Swaziland, Tanzania and Ghana.
MMI, which is awaiting regulatory approval for the R330 million acquisition of Kenyan short-term insurer Cannon Insurance, plans to focus on expanding in the rest of Africa and deepening its product offering in the 12 African countries where it already operates.
The insurance outfit also plans to expand into India as a medium-to long-term strategy.
"On top of the organic growth strategies if we can find selective acquisitions that would be good," Chief Executive Officer, Nicolaas Kruger said after the release of the company's nine-month trading update for the period ended March 31.
"Our plan is, in the next financial year, to start exporting our short-term insurance offering. We will take one country at a time. We only have short-term insurance in Tanzania and Kenya.
While the short-term priority was Africa, MMI was still interested in the Indian market, Kruger said, adding: "It's a medium-to long-term plan."
He said MMI, which opened a liaison office in India two years ago, intended researching the market first.
"They (MMI staff) have learnt a lot about the market and analysed product opportunities," said Kruger.
Source Daily Independent.
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