Regent Insurance Company Ltd. provides short-term insurance and life assurance products. Its commercial and business cover products include accident and health, commercial and industrial, corporate travel, goods-in-transit, heavy commercial vehicle, taxi, and tourism and hospitality insurances; group life cover solutions comprise employee benefits, group credit life, group funeral and life, and group/society covers; and personal cover solutions include care line, credit life, family funeral, individual life, motor related, motorcycle, property, and travel insurances. The company was founded in 1966 and is based in Edenvale, South Africa with branch offices in Pretoria, Durban, and Bellville,...
146 Boeing Road East
Founded in 1966
Imperial To Sell Interests In Regent To Hollard
May 27 15
Imperial Holdings Limited (JSE:IPL) and The Hollard Insurance Company Limited published a cautionary announcement stating that the two companies have begun negotiations. According to the notice, published on May 27, 2015, Hollard will look to acquire interest in Imperial subsidiary, Regent Insurance Company Ltd. and Regent Life Assurance Company Limited. “The Regent business consists of long and short term licenses in South Africa, Botswana and Lesotho. It covers both motor-related insurance as well as a number of non-motor areas. While the business of Regent has grown strongly since its establishment, a large fast growing portion of Regent’s revenue and profits are unrelated to the group’s core vehicle and logistics businesses and enjoy no strategic, competitive or financial advantage from Imperial’s ownership,” Imperial stated in its announcement. “The growth prospects and value of these unrelated businesses will be better advanced by owners with established capability and scale in financial services and insurance. Therefore, and consistent with its espoused strategy to invest in its core capabilities, Imperial has decided to dispose of the business and insurance licenses of Regent, in a transaction structured to allow the group continued access to the income flows generated by the distribution of vehicle related insurance and value added products, through Imperial’s extensive dealership network,” Imperial continued. Spokesperson for Hollard, Warwick Bloom, tells RISKSA that Hollard will shortly begin a due diligence process in terms of the agreement, with a view to formulating an offer for the businesses. Imperial has stated that the proceeds from the proposed transaction will be invested in due course in the expansion of the group’s core businesses while initially reducing short term debt. The exclusivity period for the negotiations is three months.