Santam gears up with classic car insurers

SANTAM, South Africa’s leading short-term insurer, has acquired Vantage Insurance Acceptances, an underwriting manager (UMA) with specialist underwriting skills and claims management of executive and classic cars, for an undisclosed amount.

Vantage started operations as a registered financial services provider (FSP) and UMA in 2009, and the group said distribution is done through a network of independent brokers.

Edward Gibbens, the executive head: commercial and personal at Santam, said: “Vantage has grown consistently throughout its history, primarily because of its ability to maintain long-term relationships with the broker network supporting the company. We look forward to developing this business relationship with the Vantage team.”

Vantage has grown through a large network of independent brokers countrywide and it represents one of the few true motor insurance specialists in the market supported by personal lines and has long-standing relationships with many key industry operators.

Adriaan Louw, the chief executive of Vantage, said that personal service delivery to their clients was the cornerstone of their business ethos.

“With the direct support of Santam and the availability of many more resources to Vantage, it will further enhance our service abilities to this select market. Santam also provides excellent financial strength and surety where the protection of high valued assets is a priority need for the executive client,” Louw said.

Santam is valued at R34 billion.

In the results for the year to end December released last month, Santam reported 7 percent increase in gross written premium to R27.7bn.