Alexander Forbes’s decision to exit the business comes four months after Dawie de Villiers started work as chief executive in place of Andrew Darfoor who had been fired two months before.
JOHANNESBURG - South African financial services group Alexander Forbes is looking for a buyer to acquire its insurance businesses, it said on Tuesday, part of a strategic shake-up aimed at refocusing the group as a wealth and pension funds manager.
Selling the insurance business would release money that regulators demand be held against insurance policies — a capital requirement rule that prevents capital from being used to fund growth or pay higher dividends.
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