Alexander Forbes seeks buyer for its insurance businesses

Alexander Forbes [JSE:AFH] said on Tuesday that it is commencing a process to seek a buyer for its insurance businesses.

The announcement was included in an update to its financial services company's strategic review.

"The disposal of these premium businesses will be based on a value proposition that balances appropriate solutions for our clients, protects and values the employees who have contributed to the success of these businesses, and realises fair value to our shareholders," it said.

"A new owner will be able to continue its success and fuel future growth through additional investment."

It did not put a valuation on the businesses in its insurance cluster.

In a statement its Chief Executive, Dawie de Villiers, said the strategic review would "accelerate the competitive position we already occupy in our core business of consulting, administration and investments."

De Villiers was appointed CEO with effect from November 2018, after the company sacked Andrew Darfoor in September over a “loss of confidence and trust”.

The group's shares were trading at R4.67 at 12:35 on Tuesday, up 1.74%. 

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