Lombard Insurance Company Limited (Lombard) announced earlier this month that it has reached an agreement with Hollard Insurance Group for the sale of its Lombard Broker Partners (LBP) division, offering standard commercial property and motor insurance, subject to regulatory approvals.

James Orford, CEO of Lombard, highlighted that recent changes in the business have strengthened LBP's position, as evidenced by its solid performance. He emphasised that “the proposed sale of LBP to Hollard - a dedicated player in the South African commercial insurance market - is the optimal decision for all stakeholders. Hollard's experience and scale is of significant benefit to the business, brokers and policyholders.”

Nash Omar, CEO of Hollard Insure, said “this move aims to enhance our value offering to our broker partners who are at the core of our business. It is aligned to our growth strategy and our commitment to partnering to deliver the win-win-win for Hollard, the brokers and the policyholders. We look forward to welcoming LBP into the Hollard stable, where we are passionate about creating and enabling better futures for all our stakeholders”.

Until regulatory approvals are received, Lombard will continue to manage and operate the LBP business, after which the business will integrate into Hollard’s existing insurance operations, with both businesses prioritising brokers and policyholders through the transition.

Lombard achieved record results in 2024 through its UMA Partnerships and Guarantee divisions, and will continue to build on its core strengths - creating solutions that enable clients and brokers to manage complex specialty risks effectively.

This acquisition aligns with Hollard's growth strategy in the South African commercial insurance sector. Hollard International also recently announced developments on its acquisition of Absa’s life insurance businesses in Mozambique, Botswana and Zambia as well as general insurance in Mozambique. Another recent and important partnership is with East African based APA Insurance which adds to our Pan-African access through Hollard International.