© 2019 Bloomberg Finance LPAfrican Rainbow Capital (ARC), an investment firm controlled by South African mining billionaire Patrice Motsepe, has partnered with Sanlam to launch a new insurer, African Rainbow Life (ARL). According to a news release issued by ARC, the new insurance outfit will focus on the low-income, entry-level retail insurance market, offering a full spectrum of insurance, from underwritten life insurance to investments and retirement products. Sanlam, one of South Africa’s largest insurers, will own a controlling 51% stake in the new insurer. In 2016, Patrice Motsepe, South Africa’s first black billionaire launched African Rainbow Capital (ARC), a financial services investment company. The firm has made investments in Alexander Forbes, insurance broker Indwe Broker Holdings and special purpose acquisition company Capital Appreciation.

Source: Forbes June 02, 2019 08:26 UTC