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Investors pump N$35m into new insurance company

21 April 2017

Shareholders of new short-term insurance company, King Price, have pumped in N$35 million as start-up capital. Namibian shareholders own a combined 26 percent stake in King Price, while the rest of the shares are owned by Munich Re and the Mertech Group, whose owner, Francois van Niekerk, co-founded the Atterbury Property Group.

The company is reinsured with Munich Re and NamibRe.

King Price CEO, Justinus van der Westhuyzen, said the new company needed both adequate money for start-up and reinsurance.

The company started operating on 1 September last year and has so far written 1 500 policies.

He said the company wants to focus on consumers, whom he said are not well looked after by the insurance companies.

‘’The companies are not consumer focused,’’ he said.

King Price is well known for adjusting premiums every month to equal the retail value of the goods insured.


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