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| Filename | Bryte-Insurance-rating-report-2022.pdf |
| Filesize | 499.65 KB |
| Version | 1 |
| Date added | January 31, 2023 |
| Category | Credit Rating Reports, Insurance |
| Tags | South Africa |
Bryte Insurance was established in South Africa in 1965, formerly operating as Zurich Insurance Company South Africa and as South African Eagle Insurance Company Limited before then.
Bryte Insurance is effectively a wholly owned subsidiary of Bryte Africa Group Limited (“BAGL” or “Bryte group”), which has a direct shareholding of 49% and a further 51% through Bryte Holdings South Africa (“BH”). BAGL is ultimately a 100% owned subsidiary of Fairfax Financial Holdings Limited (“Fairfax”). A Black Economic Empowerment transaction was concluded in February 2019 resulting in the transfer of 49% of BH’s economic and voting rights to Maharishi Institute (“MI”) / The Invincible Distribution Partners Trust. This effectively resulted in a 24.99% cession of economic and voting rights in Bryte Insurance (with no share transfer) to MI. MI receives dividends to support its non-profit education initiatives.