By Gregory Gondwe – The Daily Times
NICO General Insurance Company Limited says the acquisition of the firm’s shares by Sanlam Capital Markets, a wholly owned subsidiary of the Johannesburg Stock Exchange listed Sanlam Limited, will allow the company to underwrite large risks.
Following the acquisition, NICO General is now 49 percent owned by Sanlam while NICO Holdings Limited has retained 51 percent of the shares in the company.
NICO General’s Chief Executive Officer Eric Chapola said the Sanlam shareholding has, among other things, increased NICO General’s underwriting capacity in case of large risks that it can’t handle on its own.
“Now we have a partner that can come in and assist us. Going forward; what it means is that there is no policy that we cannot write.” said Chapola.
“If we can’t, we will be able to refer you to people that can help you with any product that you can think of,” he said.
Chapola also said the new shareholding will, among other things, bring new external expertise to the company as well as modem training facilities to its staff.
Nico Holdings Limited – the mother company of NICO General, is a financial service group whose core business is insurance and banking services and also has investment portfolio spanning hotels, real estate, a hospital and a shopping mall.
Other companies under NICO Holdings Limited include NICOLife Insurance Company Limited, NICO Zambia Insurance Limited, NICO Insurance Uganda Limited, NIKO Insurance Tanzania Limited, NICO Technologies Limited, NICO Mozambique Vida Comphania de Seguros SA and NBS Bank Limited.