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Aegis under Guardian's wing
INSURANCE TAKEOVER
SHORT-TERM insurance company Guardian National, part-owned by Liberty Life, has acquired 100% of rival insurer Aegis from Momentum Life, an RMB Holdings subsidiary. The acquisition, subject to completion of a due diligence investigation, will create SA's second-largest short-term insurer in terms of gross premiums received. Guardian MD Andy Jack said the buying price would be calculated according to a formula based on Aegis's net asset value in December 1997, plus a premium not exceeding 20% of net asset value. In December 1996 Aegis's net assets value was R316-million. The deal comes days after Momentum launched a new type of short-term insurance, Outsurance, to rival the traditional insurers. During the week Guardian released its 1997 financial results, showing gross premiums up to R1.81-billion from R1.65-billion and attributable earnings rising R7.6-million to R85.8-million.
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