Patrice Motsepe’s ARC and Sanlam launch new insurer

Patrice Motsepe’s African Rainbow Capital has launched an insurance company, African Rainbow Life .

The new venture is owned by ARC and Sanlam, which also has a business serving the entry-level market, Sanlam Sky. ARL is the product of a two-pronged BEE deal between Sanlam and Motsepe, finalised in 2018, whereby the insurer agreed to grant ARC’s parent company, Ubuntu-Botho, a R2bn loan to form a new insurance company.

The new group is the country’s second mainstream insurer to have a black management team after Hollard. “We must think about ‘how do I beat Old Mutual, how do I beat Assupol’. Our aim is to get a foothold that will allow us to become a sizable business over the next five to 10 years,” said Madikiza.

This is good news. We salute such magnanimous action by sanlam & ARL. This is a true empowerment transaction that brings African players in the belly of the real economy. Congratulations.

How can it be new when Sanlam is involved🤔

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