Discovery Insure Six-Month Growth ‘In Line’, Business Day Says

Dec. 5 (Bloomberg) -- Discovery Insure, the property and casualty insurance unit of Discovery Holdings Ltd., sold almost 8,000 policies in the six months since it started, Business Day said, citing chief executive officer Anton Ossip.

The Johannesburg-based company will probably sell 20,000 policies in its first year of operation through May 2012, the Johannesburg-based newspaper said.

Rivals Santam Ltd., South Africa’s largest property and casualty insurer, and Outsurance Insurance Co. Ltd., haven’t lost market share to Discovery, Business Day said, citing the chief executive officers of the two companies.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net