Gaborone — Hollard Insurance has acquired Regent Botswana Group from Imperial Holdings in a ground-breaking deal that will result in the creation of Botswana's largest short-term insurance company.
Hollard Insurance operations in Botswana include Hollard Insurance Botswana, a short-term insurance company and Hollard Life Insurance Botswana, a life assurance company.
The Regent Botswana Group comprises of Regent Life Botswana, a life assurance company, and Regent Insurance Botswana, a short-term insurance company.
Briefing the media on Tuesday Hollard regional head, Mr Frans Prinsloo said acquisition had been approved by both the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) of Botswana and the Competition Authority of Botswana and the merger was expected to be completed by July 2017.
He said both companies had built sterling reputations based on their business stability, knowledge of the Botswana market, professional business practices, strong broker relationships and innovation track records. Mr Prinsloo highlighted that together, Hollard and Regent in Botswana reported gross written insurance premiums of approximately P714 million in their most recent financial year.
"The acquisition will ultimately result in the creation of a merged entity known as Hollard Botswana, which will employ approximately 120 people, creating Botswana's largest short-term insurer and the country's third-largest life insurer," said Prinsloo.
He said the integration of the two entities and will ultimately result in a consolidated short-term insurance business and a consolidated life assurance business, both operating under the Hollard brand.
"This unification of two strong industry players will create a Botswana-based insurer with significantly larger financial resources and a comprehensive collection of skills.
We anticipate exciting growth in the Botswana insurance sector and plan to participate in that growth through the vision and innovation shared by the two entities," said Prinsloo.
Mr Prinsloo emphasised that existing Hollard and Regent Botswana policyholders will not experience any change in the services and benefits that they currently enjoy, and will receive regular communication as the merger process proceeds, including any updates to policies, changes in branding, and claims processes.
Managing director of Hollard Botswana, Ms Jane Tselayakgosi said since opening its doors 1997, Regent Botswana has provided competitive and market leading insurance solutions to hundreds of thousands of families nationwide.
"Bringing the Hollard and Regent brands and teams into one business builds on our shared strategy of establishing strong and enduring partnerships that benefit our brokers and end consumers by providing reliable, accessible, and affordable solutions that cater to diverse and changing needs," Tselayakgosi said.
She further said their brokers and customers will benefit from this partnership with even stronger service delivery and cover for both individual and commercial insurance needs.
"Hollard Botswana prides itself on its unconventional and fearlessly spirited approach to developing products that respond to the diverse needs of Batswana, and we have seen that same spirit in the Regent Botswana team," said Tselayakgosi. BOPA