Imperial in talks with Hollard over sale of insurance businesses
Imperial Holdings has entered into exclusive negotiations with Hollard Insurance and an unnamed associated party over the possible acquisition of Imperial’s interest in the Regent Insurance and Regent Life Assurance businesses, which hold long- and short-term licences in motor-related and nonmotor insurance in South Africa, Botswana and Lesotho.
The group said in a statement on Thursday that, while Regent had grown strongly since its establishment, a fast-growing portion of its revenue and profits were unrelated to the group’s core vehicle and logistics businesses and enjoyed no strategic, competitive or financial advantage from Imperial’s ownership.
“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 licences 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,” it stated.
The proceeds from the proposed transaction would be invested in the expansion of the group’s core businesses, while initially reducing short-term debt.
Imperial added that the exclusivity period for the negotiations was three months and advised its shareholders to exercise caution when dealing in the company’s securities.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
