Hollard acquires 100% of Covision Life

Hollard has purchased 100% of Covision Life, a niche insurer operating primarily in the funeral insurance arena, from Leboea Holdings. The purchase not only sees Hollard acquiring Covision’s licence, in-force book, and administration business, but also involves Hollard partnering with Leboea Holdings in an insurance distribution venture. In the new partnership, Leboea Holdings will manage the sales and distribution of Hollard products to the Covision target market.

Hollard CEO Nic Kohler said, “The Covision deal is an exciting one for Hollard. From its humble beginnings as a single funeral parlour in the Free State, Leboea has grown to be a real force in the distribution of simple life insurance products. We believe that the acquisition will assist us in significantly increasing our business among emerging consumers through the innovative distribution model that Leboea has developed.”

The transaction was effective 1 November 2011.