Regent cancels unprofitable book to fuel growth

Regent Insurance today confirms that it has taken the decision to cancel Personal and Commercial Lines policies written and serviced through its Broker Division. The book is valued at approximately R220 million.

This move will allow the company to consolidate its business and position it for future growth.

Regent made it clear that the strategic move constitutes a closure of specific loss-making books of business and that it is not an exit from the broker market.

“We continue to deal extensively with our broker partners. The move also does not constitute an exit from either the motor or property classes. We will continue to underwrite these classes where we believe it can be done in an actuarially sound manner,” says Jurie Strydom, Regent Insurance CEO.

“The decision to cancel these books has not come easily. It is a result of a great amount of thought, consultation and consideration. The conclusion of this process was the result of an exhaustive review of all the alternatives available to us to reverse certain losses within that book,” continues Strydom.

“By exiting these policies, we are now able to consolidate our business focus on building a brand that is positioned for growth,” he says.

Regent is a multi-line and multi-channel business and we will continue to work with and are absolutely committed to the brokers that we partner with throughout our Life, Car & Home, VAPs, Heavy Commercial Vehicle and Specialised Insurance divisions.