Imperial Holdings Ltd has agreed to sell their stake in Regent Insurance to Hollard in a 2.3 billion Rand deal, the company has announced. Imperial Holdings, who own the largest car-dealer network in South Africa, saw full year profits for 2014 fall due to a weak Rand. However, a company spokesperson said that the Regent deal was due to the fact that the insurance company was making a large part of its profit in areas outside of Imperial’s main focus- cars and vehicle logistics.
Who are Regent Insurance?
Regent Insurance, founded in 1966, is a full service long and short term insurance company, offering life, health, accident, vehicle and property insurance, as well as a range of commercial and hospitality insurance policies. Though the company showed weaker than expected profits for 2014, Regent does hold an AA credit rating, meaning they’re very stable. As well as operating in South Africa, Regent also has operations in Botswana and Lesotho.
Who are Hollard Insurance?
Hollard Insurance are the largest private insurance company in South Africa, and fully acquired Etana Insurance in 2014. The company has over 6 million policy holders, and has operations worldwide, including in China, Australia and India, as well as in South Africa.
Whilst the deal has been agreed between both Hollard and Imperial, it has not yet received regulatory approval. Approval will be sought within the next few weeks, according to Hollard.
Main Subject: Insurance
