The Competition Tribunal said in a statement on Thursday that it had approved the proposed merger in which The Hollard Insurance Company Ltd (“Hollard”) intends to acquire part of Lombard Insurance Company Ltd.File Picture : Henk Kruger/Independent Newspapers
The Competition Tribunal said in a statement on Thursday that it had approved the proposed merger in which The Hollard Insurance Company Ltd (“Hollard”) intends to acquire part of Lombard Insurance Company Ltd.
The Competition Tribunal said that it had unconditionally approved the proposed merger in which The Hollard Insurance Company Ltd (“Hollard”) intends to acquire part of Lombard Insurance Company Ltd, comprising certain policies and assets of Lombard Broker Partners’ business/division. “This mainly consists of commercial lines insurance policies and, to a limited extent, personal lines insurance (household insurance) as well as the know-how in relation to policy tracking and related employees.”
The Competition Tribunal said that following the implementation of the proposed merger, Hollard will have sole control of the target business. “The acquiring group (Hollard and its subsidiaries) is a short- and long-term insurance company. Short-term insurance is of relevance to the proposed transaction. In short-term insurance, the acquiring group operates across various classes of insurance across three sectors, namely: (i) personal lines, (ii) commercial lines and (iii) corporate lines.”
The Competition Tribunal added that the target business is not involved in long-term insurance products or services. “It offers motor and non-motor non-life insurance to commercial and industrial markets. It also offers limited personal insurance products such as household insurance.”
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