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Hollard Insurance Group completes Regent acquisition

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Date posted: 28 Jun 2017

Johannesburg, 28 June 2017 – The Hollard Insurance Group, South Africa’s largest independent insurance group, has cemented its place as South Africa’s second-largest short-term insurer, with the completion of its R1.8 billion acquisition of the Regent Insurance Group from Imperial Holdings.

The Regent Insurance Group comprises of insurance operations and investments in South Africa, Botswana, Zambia and Lesotho. 

The acquisition was formally completed following Financial Services Board approval of the South African leg of the transaction, after South African Competition Tribunal approval was received in April. 

The conclusion of the South African portion of the deal comes after Hollard International Holdings’ successful acquisition of the Regent Group’s non-South African interests in Botswana, Zambia and Lesotho for an upfront consideration of R697 million in January 2017. 

“Acquiring Regent is an important milestone for Hollard, given our objectives of increasing our African footprint and building scale in our South African business. The deal expands our life distribution capability and significantly enhances our presence and capability in the commercial vehicle space” said Nic Kohler, CEO of Hollard Insurance Group. 

Kohler notes that the integration of the two businesses will strengthen Hollard’s position as South Africa’s largest independent insurance group, and result in a consolidated operation that employs more than 3 600 people and generates more than R20 billion per year in premium income. 

The earlier acquisition of Regent’s non-South African interests has already supported Hollard’s international growth, which now contributes more than 20 percent of the Group’s profits and is enjoying growth of almost 30 percent per annum. 

Hollard is now the largest short-term insurance company in Botswana, and entered its seventh African market in Lesotho through the acquisition. 

“Hollard’s is actively pursuing opportunities in sub-Saharan Africa and other markets where we see potential for growth, “said Kohler. “This expansion has been enabled by a strong skills base, infrastructure and balance sheet, as well as a partnership approach that places a premium on matching cultures,” he continued. 

Hollard originally announced its intention to acquire the Regent Group from Imperial in September 2015, subject to regulatory approvals. 

Following a lengthy Competition authority approval process, the transaction was restructured to exclude Regent’s Motor Value Added Products and Services business, which will now be retained by the Imperial Group. 

Kohler emphasised that existing Hollard and Regent policyholders will continue to enjoy the same benefits and commitment to service excellence that they are currently receiving, as well as additional peace of mind that their policies are underwritten by a larger entity, with enhanced financial and technical resources, and competitive pricing. 

“Insurance is a people business, and in an industry in which skills are at a premium, the unification of two strong industry players will create an insurer with a comprehensive set of skills that will benefit intermediaries and customers alike,” said Kohler. 

“Hollard was founded more than 35 years ago supported by long-term, genuine and mutually beneficial relationships, and strengthened by our commitment to doing things differently in order to make a difference,” Kohler added. “We want to help our customers, our brokers, and our employees to make positive changes in their lives – and we look forward to extending this to Regent’s employees, brokers and customers too.”

Company Overview 

As South Africa's largest privately-owned insurance group, Hollard Insurance incorporates the companies Hollard Insurance and Hollard Life Assurance. Established in 1980, the Hollard Group provides short-term and life insurance as well as investment products to a diverse customer base including individual consumers, commercial entities and corporate clients.

It ranks among a growing number of companies advocating an inclusive growth model, measuring its social dividends aside its shareholder contributions.

Since inception, partnership has been at the heart of its business model, with the group today boasting over 100 ventures across the insurance value chain. Each one demonstrates the Hollard belief that there remains a better way. 

Headquartered in the historic Villa Arcadia in Parktown, Johannesburg, the group embraces 6 million policy holders in 10 countries on four continents. Hollard employs almost 3000 people and posted R15,1bn in premium income in the year to June 2014.

Spokespeople

  • Nic Kohler
     

    Group Chief Executive Officer

    To arrange an interview with Nic, please contact:

    Warwick Bloom
    Public Relations
    082 496 4376 
    warwickb@hollard.co.za

  • Willie Lategan
     

    Chief Financial Officer

    To arrange an interview with Willie, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Mandla Shezi
     

    MD of Hollard Affinities and Direct

    To arrange an interview with Mandla, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Stef Theofanidis
     

    MD of Hollard Insurance Partners

    To arrange an interview with Stef, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Saks Ntombela
     

    MD of Hollard Life & Investments

    To arrange an interview with Saks, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Ian Ross
     

    Chief Underwriting Officer

    To arrange an interview with Ian, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Heidi Brauer
     

    Chief Marketing Officer

    To arrange an interview with Heidi, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Nyeleti Shirilele
     

    Company Secretary &
    Head of Governance

    To arrange an interview with Nyeleti, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Wikus Luus
     

    Chief Risk Officer

    To arrange an interview with Wikus, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Brent Wyborn
     

    Executive Head: Group Services

    To arrange an interview with Brent, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Brooks Mparutsa
     

    MD of Hollard International

    To arrange an interview with Brooks, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • David Green
     

    Chief Investment Officer
    Hollard Investments

    To arrange an interview with David, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Gail Walters
     

    MD of Corporate Affairs

    To arrange an interview with Gail, please contact:

    Warwick Bloom
    Public Relations 
    082 496 4376 
    warwickb@hollard.co.za

  • Nash Omar
     

    Joint MD of Hollard Broker Markets

    To arrange an interview with Nash, please contact:

    Warwick Bloom 
    Public Relations  
    082 496 4376  
    warwickb@hollard.co.za

  • Pierre Geyer
     

    Joint MD of Hollard Broker Markets

    To arrange an interview with Pierre, please contact:

    Warwick Bloom  
    Public Relations   
    082 496 4376   
    warwickb@hollard.co.za

  • Willem Smith
     

    MD of Hollard Personal Lines

    To arrange an interview with Willem, please contact:

    Warwick Bloom   
    Public Relations    
    082 496 4376    
    warwickb@hollard.co.za

  • Galina Kroucheva
     

    Chief Information Officer

    To arrange an interview with Galina, please contact:

    Warwick Bloom    
    Public Relations     
    082 496 4376     
    warwickb@hollard.co.za

  • Dirk Viljoen
     

    Chief Actuary

    To arrange an interview with Dirk, please contact:

    Warwick Bloom     
    Public Relations      
    082 496 4376      
    warwickb@hollard.co.za

  • Kamini Maharaj
     

    Head of People

    To arrange an interview with Kamini, please contact:

    Warwick Bloom      
    Public Relations       
    082 496 4376       
    warwickb@hollard.co.za