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HCI BOLSTERS EMPOWERMENT CREDENTIALS OF AIC INSURANCE

Johannesburg Investment holding company Hosken Consolidated Investments (HCI) has bolstered the empowerment credentials of AIC Insurance, an unlisted company specialising in the underwriting of the direct cost of absenteeism by buying an effective 36 percent stake in the firm. Purchased through its wholly owned subsidiary, the Mettle Equity Group, HCI’s R17,3 million stake has increased black ownership of the AIC Insurance group to 57 percent. Arch Equity, the black owned company that holds 22 percent of the shares in PSG Group, holds 11 percent of AIC, while a broad-based black economic empowerment trust holds a further 10 percent. Johnny Johnson, the chief executive of AIC Insurance, described his company as a niche player in an insurance industry that, in his broad view, “was quite stale at the moment”.Insuring absenteeism “has always been viewed as quite risky”, with the bigger industry players cautious about getting into this end of the business, Johnson said. Goodyear Tyre, Everready Batteries, Armstrong and Emmanuel personnel consultants are among AlC’s clients. HCI was up 50c to close at R28.50 yesterday.  The investment companies sector was down 1.98% percent.

Source: The Star – Business Report – Sherilee Bridge David