Altfin Health to rebrand

HARARE - Medical insurance firm, Altfin Health, said it will soon embark on a rebranding exercise following its acquisition by unnamed local investors.

This was after the company’s parent company, Altfin Holdings (Altfin), which also held a controlling stake in suspended Altfin Life Assurance, collapsed in 2013.

“…Altfin Health is not at all related to the Altfin Holdings Group of companies. This was a result of a 100 percent acquisition of Altfin Health on September 1, 2016 by a consortium of reputable local investors,” the company said yesterday.

The latest development comes after Altfin Life Assurance recently came under fire for alleged failure to pay claims to its clients in spite of continued deductions.

Altfin Health’s medical aid unit has also faced various troubles with service providers in the medical sector for failing to honour obligations despite client subscriptions.

The medical aid was also rocked by age discrimination allegations in 2014, after it came to light that it was not signing on members above 50 years of age.

However, in the board statement released yesterday, the health company distanced itself from its embattled parent company.

“We kindly ask service providers who are serving Altfin Medical Aid members to note this position. Our contact details and physical addresses remain the same,” Altfin Health said.

In April 2014, Ipec gave notice of its intention to cancel Altfin short-term insurer’s licence and ordered it to stop disposing of its assets after failing to settle total gross outstanding claims worth $3 million as at December 31, 2013, after being heavily exposed to now-defunct Interfin Bank.

Now under liquidation, the business is not writing any business and its units are scrambling to find new investors and exit the sinking ship.

Ipec is currently handling issues concerning the liquidation of the firm, a former high flier in the insurance sector. Reports indicate that some creditors will likely recover 20 percent of the amount owed given Altfin’s liabilities exceed its assets.