On Tuesday, insurer King Price said it was willing to offer up to R2bn for Alexander Forbes’s short-term insurance business alone
Shares in Alexander Forbes jumped as much as 15.1% to R6.11 on Thursday morning — the best level since June 2018 — following news that it could fetch at least R2bn from the sale of its short-term insurance business.
The pension fund administrator said at the time it would look for a buyer for its group risk, retail life and short-term insurance units.Galloway said that since King Price only played in the short-term market, the businesses were a"perfect fit".Gryphon Asset Management portfolio manager Casparus Treurnicht said the share was probably reacting to the announcement by King Price.
The group said in March it would return surplus capital to shareholders"taking cognisance of potential investment opportunities that lie ahead".
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