Hollard completes R1.8 billion purchase of Regent Insurance
The Hollard Insurance Group, South Africa’s largest independent insurance group, has completed the R1.8 billion acquisition of the Regent Insurance Group from Imperial Holdings.
The Regent Insurance Group comprises 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. South African Competition Tribunal approval was received in April.
“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.
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.
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