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Record:
| Header: |
Santam and Emerald |
| Case No : |
57/LM/Aug09 |
| Parties: |
Santam Limited
AND
Emerald Insurance Company Limited and Emerald Risk Transfer (Pty) Ltd |
| Case Rating: |
2 |
| Date: |
27/1/2010 |
| Time: |
10:00:00 AM |
| Case summary: |
The Competition Tribunal unconditionally approved the Santam, Emerald Insurance Company and Emerald Risk Transfer merger.
Santam will acquire 100% of the issued share capital in Emerald Insurance Company (Emerald) from Super Group. Post acquisition, the Emerald licence will be run-off and its book transferred to Santam.
Santam also intends to acquire 100% of the issued share capital of Emerald Underwriting Managers (EUM), 38% of which will be acquired from Super Group and 62% from Gary Corke, Dave Manuel and the Senior Management Trust.
An internal restructuring will occur in terms of which Santam will transfer its corporate underwriting unit to EUM, thereby housing Santam’s entire corporate short term insurance business in EUM. This specialist corporate underwriter will operate as “Emerald underwritten by Santam”. It is envisaged that Santam will transfer its shares in EUM to Swanvest 120, a Santam wholly owned Investment Holding Company, which holds all of Santam’s interests in its different underwriting managers. The business of EUM currently housed in the Centriq cells, particularly relating to haulage, will be excluded from the transaction.
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| Keywords: |
large merger, insurance, short term corporate insurance, national, failing firm |
| Judgment source: |
Competition Tribunal |
| Documents: |
57LMAug09.pdf
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| Last update user: |
tebogo mputle |
| Last update date: |
8/2/2010 12:26:34 PM |
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