Imperial sells most of insurer Regent
The company retains Regent’s value-added products business to allay Competition Commission concerns
Imperial Holdings has sold 100% of the ordinary shares and also the tier-2 capital of the Regent insurance group to Hollard but has retained Regent’s value-added products (Vaps) business instead of selling it to MotoVantage in the Hollard stable. Imperial said MotoVantage Holdings — a 50-50 joint venture between FirstRand Group and Hollard, which sells vehicle insurance products — had withdrawn from the proposed transaction, stating it was taking up too much management time. This came after the Competition Commission had objected to the Vaps components of the proposed transaction and recommended prohibiting the overall deal. Since then, the Botswana and Lesotho assets of Regent Africa have been sold to Hollard International Holdings for R697m. The partial sale of Regent came after Imperial, Hollard and MotoVantage sought remedies to the prohibition.