Universal Acceptance (UA) announces that Hollard will be selling its equity stake to UA's Management team.
The Management team of Universal Acceptance (UA) has announced that Hollard, South Africa's largest independently owned Insurer and 3rd largest short-term Insurer, will be selling its equity stake to UA's Management team.
Theresa James, Managing Director of UA and part of the Management team to take up additional Hollard shares in UA, explains, "this is a fantastic opportunity for us existing owner-managers to now own 100% of UA, a business that we started together with Hollard some 12 years ago and which has proven mutually enjoyable and beneficial. Having been significant shareholders since our "birth" in 1994, Hollard has added tremendous value to our business and success, seeing us through both good and challenging times- this is what partnership is all about. This announcement supports Hollard's philosophy of understanding and supporting the evolving needs and expectations of its partners which has brought us to this point."
Rob Kelly, MD of Hollard Insurance Partners MD adds, "Universal Acceptances have been a long-term Hollard partner and as part of Hollard's current 100-strong partnership stable, have played an important part in the current success of Hollard, having provided Hollard with a great opportunity to create a significant footprint in Personal Accident insurance. We are excited by the prospects of this latest development, but are equally sad to see them go. We have every confidence in their future success, which is sure to continue- testament being their past successes and achievements that make for a great future foundation. We wish UA every success in the future."
Theresa James founded UA in April 1994. UA is a specialist niche underwriting agency efficiently and professionally underwriting all elements of Personal Accident Business. UA offer stand-alone Corporate Personal Accident Insurance and various schemes and add-ons to existing client bases. The majority of the company's portfolio is comprised of South African organizations while the balance consists of companies represented in South Africa with their head offices emanating from the United Kingdom and the United States.
UA has simultaneously announced that they have been granted cover-holder status at Lloyds and will, with effect from 1 December 2006, be writing under the Lloyds licence. James explains, "Lloyds allows us to continue with our flexible and innovative approach to our customers increasing and more sophisticated product needs and demands, in addition to which they offer us unrivalled security. It will be business as usual at UA and in fact Lloyds have for many years now, provided reinsurance support for policies we have issued in the name of Hollard."
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