Chartered Insurance Brokers buys Exclusive Insurance
Chartered Insurance Brokers (CIB), a leader in the insurance brokerage sub-sector on Wednesday announced it has acquired Exclusive Insurance Solutions effective 1st February 2024.
According to a statement, the transaction which has already been approved by Non-Bank Financial Institution Regulatory Authority (NBFIRA), has resulted in a 100 percent shareholding stake in Luxiant Services trading as Exclusive Insurance Solutions (EIS). As a result, full operations shall transfer to CIB including the full insurance book and some key staff members.
“This is a historic transaction, it will help CIB, a wholly citizen owned entity grow into one of the largest insurance brokers in Botswana. The acquisition will meaningfully change the face of our business as we expand our product offering and capacity as a brokerage. It speaks to our ambitions of growing our book and breaking new frontiers in the industry. Our clients will get to experience an enhanced service offering and improved internal insurance expertise. We are truly delighted to welcome Exclusive and all its clients to our family,” said CIB Managing Director Ronald Ketshabe.
Meanwhile, outgoing outgoing EIS Chairman Thabo Moipolai highlighted the customer value that the transaction will create. “We are happy that this transaction will merge some of the largest brokers in the country, giving clients greater value for their insurance needs. We have established Exclusive Insurance Solutions as a home-grown brand known for bringing exceptional customer service and innovative products to the market. In the same token, the CIB acquisition brings an expanded client base which will benefit from the exceptional offerings,” stated Moipolai.
The transaction’s completion will see a 6-month transition period to allow for full stakeholder engagements, changes in branding and comprehensive client engagements.