Liberty Holdings Replaces its Head

Liberty Holdings, the South African life and health insurer, announced David Munro, the chief executive at Standard Bank’s corporate and investment banking unit, as its new CEO; replacing Thabo Dloti, which left over a difference of opinion with the board on how to lead the company. The same Standard Bank that owns a majority stake in the company. “Much of what had been under discussion, such as getting products out faster, were leadership and management challenges, not actuarial or technical issues” – chairman Jacko Maree on choosing a banker. Here’s a bit of background. Liberty Holdings is in a bit of a mess due to withdrawals from its retirement annuity book and a spike in disability and critical-illness claims. The latter resulted in 39% drop in earnings in 2016. Also, in 2010 Liberty established Frank, a D2C brand for life, disability and funeral insurance products that is backed by Munich Re. This is Frank.

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