South Africa: Hollard Insurance to acquire Regent for US$171 mln

Source: Middle East Insurance Review | Nov 2015

South Africa’s largest independent insurance group Hollard Insurance, together with its holding company Yellowwoods Group, has agreed to acquire the Regent Group, comprising Regent Life and Regent Insurance, from Imperial Holdings.

The deal, valued at around ZAR2.3 billion (US$171.4 million), is subject to regulatory approval. Hollard said the detailed legal agreements will be completed in due course, following which regulatory approvals will be sought.

Subsequent to the acquisition, some of Regent’s motor-related businesses will be sold to the Hollard/ FirstRand motor Value-Added insurance Products (VAPS) joint venture.

Regent’s business consists of long- and short-term licences in South Africa, Botswana and Lesotho, and covers motor-related insurance as well as a number of non-motor areas. In its financial year ending 30 June 2015, the Regent Group reported gross premiums of ZAR2.9 billion and profit after tax of ZAR319 million.

ZAR1 = US$0.07

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