First Mutual Holdings acquires NicozDiamond

South African First Mutual Holdings (FML) has obtained green light from supervisory authority for the acquisition of a 50.89% stake in the capital of Zimbabwean insurer NicozDiamond, a percentage previously detained by National Social Security Authority (NSSA). Following this transaction, FML shareholding in NicozDiamond will rise from 30.03% to 80.92%.

Apart from this deal, FML is intent on merging the newly-acquired entity with its subsidiary Tristar Insurance which it detains at 100%.

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• The insurance industry in Zimbabwe