Capricorn Group has sold 100 percent of its shareholding in Welwitschia Insurance Brokers (WIB) to Sanlam Namibia Holdings Group Limited.
The Capricorn Group holds 29.5 percent shareholding in Sanlam Namibia Holdings and the two groups have over the years built a strong working relationship, particularly through Capricorn Group’s flagship brand, Bank Windhoek.
“The shareholding of Capricorn Group in Sanlam Namibia Holdings will not be affected by this transaction. Staff members of WIB will all remain in the employment of Welwitschia Insurance Brokers but will henceforth form part of the Sanlam Namibia Holdings group.
“The transition of our employees at WIB to Sanlam Namibia Holdings was carefully managed and planned so as not to disrupt the service to our valued clients and also considered any potential impact on staff”, said managing director of Capricorn Group Thinus Prinsloo.
“I want to assure the clients and stakeholders of WIB that Riaan Louw, acting managing director and the management team of WIB, will continue to lead the company with the support of Sanlam Namibia Holdings.
“The benefits of this transaction to the clients of WIB are an improved offering and service to clients, more streamlined processes and increased support”, said CEO of Sanlam Namibia Holdings Tertius Stears.
The WIB brand is well known in the short-term insurance industry and there are no immediate plans to change the name of Welwitschia Insurance Brokers.
“Capricorn Group is proud of its association with Sanlam Namibia Holdings and look forward to strengthen our bancassurance relationship with this well-diversified financial services group, to the benefit of our mutual clients and stakeholders.
“I am pleased to confirm that, for the convenience of our clients, WIB will retain their offices in the Bank Windhoek branches and we trust that the excellent client service provided by the WIB team will be even better going forward”, concluded Thinus Prinsloo.
“Sanlam Namibia Holdings is proud to be associated with the Capricorn Group and welcome Welwitschia Insurance Brokers to the Sanlam Family. Welwitschia Insurance Brokers provide expert advice to short term insurance clients and is a leading advice provider in Namibia.
“Welwitschia Insurance Brokers play a major intermediary role in all sectors being personal insurance/Commercial insurance/Corporate and Agri Insurance, with the widest intermediary footprint in Namibia.
“Sanlam on the other hand is a leading financial services provider in Namibia and with support to Welwitschia we believe we can deliver an even better service to our clients and staff. The close working relationship with Bank Windhoek will continue to deliver on the “one stop” service offering to our mutual clients”, concluded Stears.