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Absa unveils new path for commercial lines short term insurance brokerage business

Published 26 September 2017

Absa’s Wealth, Investment Management and Insurance (WIMI) division has started to streamline its Financial Advisory business (WIMI Distribution) to enable the business to respond effectively and efficiently to varying market conditions.

Absa has concluded an agreement to dispose of its Commercial & Industrial Lines Short Term Insurance brokerage business (C&I) to the JSE listed group, PSG Konsult Limited (PSG). PSG has a leading insurance brokerage in South Africa and is recognised for offering strong specialist skills and broader distribution capability through its 200+ offices across the country.

As is typical for a transaction of this nature, it remains subject to inter alia regulatory approvals and related processes.

“Our intention is to refocus WIMI Distribution in areas where we can achieve sustainability and profitability, whilst providing our customers with the most appropriate and convenient access to financial products and solutions,” says Bongiwe Gangeni, MD of WIMI Distribution.

The impact of the sale is expected to be minimal on both clients and advisors alike, meaning existing advisor relationships with clients will continue. The transaction does not have bearing on clients’ insurance products. Absa’s broader banking relationship with its clients will continue.

Absa commits to maintaining services standards that customers are accustomed to during the transition.

Source: Company Press Release