Medu Capital invests in Price Forbes South Africa

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Price Forbes South Africa is pleased to announce an investment by Medu Capital to support its buy-and-build strategy.

Medu Capital is a 100% black-owned investment management company with strong connections in South Africa and throughout Southern Africa.

It now owns 35% of Price Forbes SA and will be an active shareholder as Price Forbes continues to grow in the region.

Price Forbes South Africa employs 37 people across offices in Johannesburg, Stellenbosch and Lichtenburg. Its specialisms include corporate insurance programmes, agribusiness, crop, marine and trade credit insurance.

Price Forbes SA has now received a Level 1 Broad-based Black Economic Empowerment (B-BBEE) rating, reflecting its long-term commitment to transformation in general, and skills development in particular, in the financial services industry.

Nhlanganiso Mkwanazi, Medu Capital Co-Founder commented: “We’re pleased to invest in Price Forbes and partner with its South Africa management team to support their growth and expansion strategy. The need for independent risk advice and multi-jurisdictional insurance placement is growing alongside the Southern African economy and infrastructure, and we’re proud to support Price Forbes’ team to deliver this for a growing number of businesses across the region.”

Peter Gordon, Chairman of Price Forbes South Africa commented: “Medu Capital is a strong local partner with extensive investment experience, including in complementary insurance broking entities, and we are really excited about what we can do with their support and the insight of its founders.”

Price Forbes International CEO Greg Ferguson said: “We are committed to the deployment of our regional growth strategies, supporting and empowering our leadership in key territories in which we operate and see fantastic opportunities. Working with Medu Capital will support the business’ ambition with a robust platform to recruit top producers and make strategic acquisitions in Southern Africa.”

END


For all media enquiries please contact:

South Africa: Nicola Faulkner, nickydoc@polka.co.za
Rest of the World: Elinor Zuke, Zuke Communications, 07863 350 270 elinor@zuke.co.uk

About Price Forbes
Price Forbes & Partners Limited is an independent global specialty insurance broker with offices in London, Brussels, Dubai, Hamilton, Labuan, Johannesburg, Stellenbosch, Santiago and Hong Kong*. Established in 1892 we have enjoyed exceptional growth over the past decade, placing challenging risks for our diverse clients. Our team of experts works closely with our extensive agent base and their clients to ensure they are aligned with the best markets, people and products available to achieve the right solution.

Price Forbes has over 430 employees working in all aspects of broking, technical, claims and support, and became part of the Ardonagh Group in June 2017.

*minority share

About Medu Capital
Medu Capital has since raised over R2 billion ($130 million) of capital for investment and invested in 35 businesses since it was established in 2003. Funds are sourced locally and internationally from institutions and the money is invested locally in South Africa and the rest of Africa.

Wholly owned and managed by Black South Africans, Medu Capital embraces the spirit of a scorecard approach to Black Economic Empowerment (BEE). With its BEE credentials and strategy, Medu Capital is strategically positioned to participate in investment opportunities that are created by a strong and growing economy and changes in the socio-economic environment in the country. The company is also well placed to promote the transformation objectives of the country.

Ardonagh Specialty
Ardonagh Specialty is the holding company and growth platform for leading independent brokers Besso Insurance, Bishopsgate, Compass London Markets, Ed Broking, Inver Re, Piiq Risk Partners and Price Forbes. Combined, we have 1700 colleagues globally and manage $5 billion in gross written premium.

With a strong presence and deep relationships worldwide, and a steadfast commitment to investing in the best people, markets and technology, together our businesses offer open market programmes, reinsurance and international solutions designed to empower clients to achieve their strategic ambition.

The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 8,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. For more information, visit our website: www.ardonagh.com.

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