Renasa Insurance

Renasa Insurance Company is a comprehensively licensed short term insurer. The company was previously a subsidiary of the Europe-based Reliance National Insurance Company. Following a shareholder buy-out, Renasa commenced business in mid 2002. It enjoys reinsurance back-up courtesy of a consortium led by Munich Re. As of 2006 it had a solvency margin of 43%. It has a BBB+ rating from the Global Credit Rating agency.

Renasa divides its operations into 3 regions: the Central region, KwaZulu-Natal and the Cape region. It offers a wide range of insurance services and products. As well as standard type domestic and commercial insurance, it also provides specialist cover in the following industry areas: all risk insurance for contractors, guarantees and bonds, agriculture, marine, machinery breakdown, property and products that have been designed and developed to meet the needs of previously disadvantaged communities.

The company uses 3 channels to market its insurance products. The primary method is the usual network of brokers - the tried and trusted insurance industry approach. These operate in the commercial and domestic insurance lines. Risk and reward sharing structures are used to provide commercial insurance to clients, through dedicated portfolio managers. Then there are specialist underwriting management agencies (UMAs) that Renasa uses to cater for the construction and marine industries - mainly performance guarantees and all risk cover. Insurance administration is carried out by selected administration partners who have outsource agreements with the company.

A unique business arrangement in Africa has been contracted by Renasa in the form of a technical partnership with Aon Re - this is a term arrangement, whereby Aon Re`s international infrastructure is available to Renasa. It contributes to Renasa`s reinsurance programme, and helps with risk based solvency determination. This places it in a solid state to continue successfully providing its insurance products in South Africa.