Momentum Metropolitan to buy Alex Forbe’s short-term insurance unit

South African insurer Momentum Metropolitan is to acquire the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand ($138.68 million), the two companies said on Thursday.

Momentum Metropolitan said in a stock exchange statement that the unit was a well-run insurance business with a stable and experienced management team, and that there was a strong cultural fit for the unit within its broader business. Source: Reuters