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| Filename | Western-National-SA-2023-full-report.pdf |
| Filesize | 300.47 KB |
| Version | paid report |
| Date added | January 30, 2024 |
| Category | Credit Rating Reports, Insurance |
| Tags | South Africa |
Western National Insurance Company Limited (Western National SA) is 60% owned by Western National Insurance Company Ltd Namibia, which in turn is owned by Western Group Holdings Limited (WGH, or the group), incorporated in Namibia. The remaining 40% is owned by Santam. The ultimate majority shareholder is PSG Financial Services Limited (PSG Financial Services, formerly PSG Konsult Limited). Fellow subsidiaries include Hi-Five Corporate Finance (Namibia), Born Free Investments 487, Western Engineering Risk Specialists (SA) and Western Administration Services (SA). Western National SA is regarded as the core entity in WGH, accounting for approximately 94% of GWP as at 31 December 2022. The rating was based on a standalone analysis of Western National SA, because the group no longer consolidates its accounts at an insurance sub-level. However, the rating factors in the overall credit profile of the majority shareholder, PSG Financial Services, which was reviewed and affirmed in August 2023.