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November 28, 2007

Santam to suspend Europe operations

Insurer Santam said on Tuesday that pricing and underwriting margins in the South African short-term insurance market remain under pressure due to the continued softening of the market, particularly in the corporate and commercial sectors.

In an operational update issued following the group's Board meeting, Santam said Santam Europe -- its Dublin based insurance company -- has not performed according to its expectations and as part of the normal review of its businesses, it has been decided to discontinue the operations by placing the company into final run-off.

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Posted by StaffWriter at November 28, 2007 3:24 PM