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NOTES FOR THE OPENING OF THE TRUCK & GENERAL INSURANCE COMPANY BY THE MINISTER OF TRANSPORT, MAC MAHARAJ - FOURWAYS, 6 MAY 1999
Ladies and Gentlemen,
It gives me pleasure to officially open Truck & General Insurance Company's office in Gauteng.
As Minister of Transport I welcome this investment in the transport sector, which we all know plays a vital role in our economic growth and development. I also welcome the investment arm of the South African Railways & Harbour Workers Union, SARHWU Investment Holding Limited, taking its place in this industry on the other side of the table.
Truck & General, which commenced its operations in February 1995 as Truck & General Underwriting Managers (Pty) Ltd, is a specialist underwriter to the South African Transport Industry.
On the 1st February 1999 (exactly four years to the day that the company commenced its operations as an underwriting manager) TGI Investment Holdings applied to the Financial Services Board for a short-term Insurance Licence and the Truck & General Insurance Company came into being as a specialist insurer relating to Motor and Transportation risks.
The licence, which was the first licence issued by the Financial Services Board in terms of the new insurance act, was conditional upon the raising of capital of R42 million, which was subsequently raised through a fully subscribed private placing of ordinary shares.
The two significant shareholders come from inside the Transport sector, SARHWU Investment Holdings Limited and Roadcorp.
These two shareholders have formed an alliance in terms of the effective control and goals of the company.
The Truck & General Group also has a share-holding in Companhia Geral de Seguros de Mo‡ambique (CGSM). The cross-border investment in CGSM offers future expansion opportunities as CGSM is a registered insurer in Mo‡ambique.
I am sure that you will play a vital role in our transport industry as you bring together two parties that in the past have not been able to speak with one voice.
As Minister of Transport I welcome this because there are areas of such great national importance that we must speak up as South Africans first.
Two areas that are always foremost on my mind are the endemic problem of death and injury on our roads through bad driving and the epidemic spread of HIV/AIDS in our country.
I look forward the Truck & General Insurance Company playing a role in these areas and I would like to wish you every success in the future.
By cutting this ribbon I declare Truck & General House officially open. Thank you.
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