July 25, 2019 / 1:19 PM / 5 months ago

S.Africa's Momentum Metropolitan to buy Alexander Forbe's short-term insurance unit

JOHANNESBURG, July 25 (Reuters) - South African insurer Momentum Metropolitan is to acquire the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand ($138.68 million), the two companies said on Thursday.

Momentum Metropolitan said in a stock exchange statement that the unit was a well-run insurance business with a stable and experienced management team, and that there was a strong cultural fit for the unit within its broader business.

$1 = 13.9894 rand Reporting by Emma Rumney; Editing by Kirsten Donovan

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