In June 2022, Telesure Investment Holdings (TIH) announced the acquisition of Renasa Holdings Proprietary Limited, the holding company of Renasa Insurance Company Limited.
Founded in 1998, Renasa has a dedicated focus on the independent intermediary and is recognised as one of the fastest growing insurers in South Africa and Africa. TIH is the holding company of some of South Africa’s leading financial service providers. Its portfolio includes non-life and health insurers, a life insurer and a personal finance comparison platform.
The acquisition is now effective and all regulatory approvals have been granted.
Commenting on this milestone, Renasa’s CEO, Jonathan Rosenburg said: “This is a significant achievement for us and a positive development for our policyholders and intermediaries. The union advances Renasa’s stature and allows us to take the Renasa business to the next level. We are excited about the opportunities this transaction opens up for all of us.”
Renasa will continue to operate under its own brand and licence and Rosenburg will continue as CEO of Renasa, with the current Exco team continuing to steer the business. Renasa’s ethos will continue as it has, and its management will, as always, remain directly available to Renasa’s brokers and UMAs.
Tom Creamer, Group CEO of TIH said: “The acquisition of Renasa signals our commitment to the independent intermediary segment, where Renasa has categorically made its mark, and enhances our multiple-channel, multiple-brand portfolio. We are excited to support Renasa’s longstanding objective of putting its intermediaries in a position to outcompete their competitors.”
Rosenburg concludes: “We view this transaction as a critical step towards catapulting our growth and competitiveness. I would like to take this opportunity to thank the many stakeholders involved in the process as well as our intermediaries for their ongoing support.”