Description of Activities

The Commission resolved to approve without conditions the acquisition by Santam Namibia Limited of the short-term insurance policies underwritten and issued by Western National Insurance Company Limited. 

 The primary acquiring undertaking, Santam Namibia is a subsidiary of the Sanlam group which is a South African company that provides financial solutions to institutional and individual clients through its various associates and subsidiary companies within the group. These financial solutions include long-term (life) and short-term (non-life) insurance, insurance brokerage, credit, banking and asset management.

 The primary target undertaking is the short-term insurance policies underwritten and issued by Western National Insurance Company Limited. Western National Insurance Company Limited is a niche commercial insurer specialising in providing total solutions to the small to medium size commercial and business market in both South Africa and Namibia.

The Secretariat defined the relevant product market as the provision of short-term non-life insurance.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition; does not result in any undertaking acquiring or strengthening a dominant position in the market and does not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian Laws.