Sanlam owns a controlling 51% stake in the new African Rainbow Life, which be only the second insurer to have a black management team
Patrice Motsepe’s African Rainbow Capital has launched an insurance company, African Rainbow Life .
The new venture is owned by ARC and Sanlam, which also has a business serving the entry-level market, Sanlam Sky. ARL is the product of a two-pronged BEE deal between Sanlam and Motsepe, finalised in 2018, whereby the insurer agreed to grant ARC’s parent company, Ubuntu-Botho, a R2bn loan to form a new insurance company.
The new group is the country’s second mainstream insurer to have a black management team after Hollard. “We must think about ‘how do I beat Old Mutual, how do I beat Assupol’. Our aim is to get a foothold that will allow us to become a sizable business over the next five to 10 years,” said Madikiza.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cancer rising in SA's young women, insurer's data showsAn alarming rate of young women are being diagnosed with cancer.
Read more »
New Northern Cape Premier Zamani Saul says no new cars for MECs | IOL NewsNorthern Cape Premier Zamani Saul on Tuesday promised a ''people-centred'' provincial government.
Read more »
New Mpumalanga cabinet fails to align with New Dawn outlookNews | The Democratic Alliance in Mpumalanga has expressed disappointment about Premier Refilwe Tsipane’s new cabinet of “recycled” MECs who have allegedly failed, by S_samaYende
Read more »
England launch World Cup bid against ProteasEngland will put four years of planning to the test when they square off against the Proteas in the opening game of the Cricket World Cup.
Read more »
Soweto rivalry reignited in re-launched ' beer cup'Pirates hope to start their preparations for the new term on a high by clinching the Carling Black Label Cup against arch-rivals Kaizer Chiefs at FNB Stadium on July 27. SihleNdebeleSK
Read more »
June launch of carbon tax adds to gloomy outlook for motoristsIntroduction of carbon tax and unpredictable rand/US dollar exchange rate will keep motorists on an economic knife-edge.
Read more »
Eiffel Tower becomes launch pad for zip line attractionRides are free and can be won on-site or via Instagram
Read more »
UJ launches online short learning programmes for accountantsDuring the keynote address, UJ’s Professor Tshilidzi Marwala shared his insights into the technologies for the 4IR.
Read more »
BMW X7 launched in SA - here's what you get for your money | IOL MotoringThe price might be on the steep side but the seven-seat flagship comes with a vast array of standard features.
Read more »
SA professional women’s league to be launched after WCFinally, South Africa will have a professional women’s league when Banyana Banyana returns from the World Cup in France.
Read more »