Insurance: Cim Insurance Group Merged with Swan and Anglo Mauritius

Cim Insurance will merge with Cim Life with Swan and Anglo Mauritius, two sister companies. This trend toward consolidation in the sector followed the new law passed two years ago that requires the separation of general insurance and life insurance.

One explanation may be that small insurance companies can not survive with two separate entities. A professional financial world rejects this explanation and argues that it is a normal movement of consolidation. The coincidence is still troubling.

Our interlocutor explained that Cim Stockbrokers is next on the list which will merge with the Swan soon. This is perhaps the Rogers group who finally pursues its business plan. It will keep only Cim Finance, the agency that finances purchases on credit and its offshore business.

Lexpress.mu could not speak with any of the conglomerate responsible for it explains the group's strategy. In terms of payment for this purchase, the Swan issue and give Rogers 908 807 shares of the Swan with a face value of Rs 5 each. This makes a little over Rs 4.5 million.

For each share of Cim Life, Anglo Mauritius grant Rogers 132 210 own shares valued at Rs 10 each. Equivalent to Rs 1,322,100. The transaction may be valued at Rs 5.8 million in total.

In addition, the Rogers group has exchanged shares received from the Anglo Mauritius for this transaction against 192,336 additional shares of the Swan. All actions of the Swan obtained will be exchanged against shares in 6653 Stewardship Holding, the holding company that is the main shareholder of the Swan and Anglo Mauritius.

The General Insurance Holding was created in 1964. It was renamed in 1982 Stewardship Holding. It was from the start holding the Swan.