RAND Merchant Investment Holdings had sold its structured insurance division, RMB-SI, to Santam for an undisclosed amount, the parties said in separate statements on Tuesday.Rand Merchant Investments said it believed "after a successful 23-year partnership with RMB-SI’s entrepreneurial management team and strategic co-investor New Seasons, the business would be more optimally positioned within a large insurance group".Santam said it was buying all of RMB-SI, with the exception of its 22.4% holding in Truffle Capital. Rand Merchant Investments said it would affiliate Truffle into its asset management business.RMB-SI was involved in a legal scuffle with JSE-listed Nictus in May 2015. Nictus obtained a restraint of trade order against former executives of subsidiary Corporate Guarantee who were hired byRMB-SI to create a risk finance division. The court order required RMB-SI to delay launching its new division for four months."RMB-SI has also established new businesses, such as the rec...
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