Tribunal approves Santam’s acquisition of MTN device insurance policies
Johannesburg – The Competition Tribunal of South Africa has announced that it has approved, without conditions, the merger whereby Santam Ltd (“Santam”) intends to acquire the device insurance policies marketed and distributed by Mobile Telephone Networks Proprietary Limited (“MTN SA”).
The Tribunal said the policies are currently underwritten by Guardrisk Insurance Company Ltd (“Guardrisk”), through a cell structure together with certain assets and liabilities pertaining to such policies (“the MTN Portfolio”).
Santam is a short-term (non-life) insurer licensed in South Africa in terms of the Insurance Act. It is licensed to provide policy benefits under short-term / non-life policies for all classes of business.
The MTN Portfolio comprises the device insurance policies for cell phones, laptops, tablets and wearable devices.
