South African Insurer Santam has acquired UK taxi insurance specialist Westminster.

Santam bought the Westminster for £23.3m. Westminster had sales of £24m last year.

Santam chief executive Johan van Zyl said: "The purchase is an important strategic step for expanding our income base, especially in view of the limited opportunities for organic growth in the South African market."

Santam had gross written premium of Rand 6.2bn (£377m) in 2001.

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