After being approached a number of times by potential buyers, South African life insurance company Liberty Group, the parent company of PrefSure Life, has put the subsidiary up for sale.

The company says it’s not wishing to pursue an offshore strategy at the moment, but would rather focus on its South African operations. 

After operating for three years, PrefSure Life merged with Lumley Life, which it bought in 2003.

It has assets in excess of $200 million and over 100,000 policyholders. Last year Lumley Life changed its name to PrefSure Life. It was then acquired by Liberty IN April, as part of its acquisition of PrefSure’s previous parent company, Capital Alliance.

PrefSure has more than $280 million of annualised premium, and has achieved premiums growth in excess of 30% per annum over the past five years.

Deutsche Bank has been appointed to assist in the sale.