Following approval by Mozambique’s regulatory authorities, Hollard Seguros Mozambique, a subsidiary of Hollard International, has acquired the business of International Commercial and Engineering (ICE) Seguros, in a transaction that sees Hollard become Mozambique’s largest non-life insurer by premium income, with annual turnover now exceeding 6.2billion MZN / 98million USD.
CEO of Hollard Seguros Henri Mittermayer welcomed the approval saying, “Today represents an historical occasion for the insurance industry of Mozambique and we are grateful to the regulatory authorities and all the parties who have made this a reality. We’re especially grateful to the team at ICE, who have been incredibly supportive throughout this process,” Mittermayer said.
“Having operated in Mozambique for more than 20 years, we today start a new chapter in serving this important market. We believe this transaction puts Mozambique firmly on the international insurance map and we will be actively looking to grow corporate and multinational business in the country. We are excited by the prospect of working alongside ICE CEO Robert Lewis and industry veteran Kay Wilkinson, among others, as we look to consolidate and extend the international client relationships that ICE was so successful in establishing,” Mittermayer continued.
“This transaction represents a huge vote of confidence in the Mozambican insurance market. Approval of the deal is also a vote of confidence in Hollard Seguros and our purpose of enabling people and businesses in Mozambique to secure a better future by optimising opportunities for creating value and wealth. It’s not an endorsement we take lightly, and we remain acutely aware of our obligation to provide world-class service to our customers, brokers and partners.”
“With our Life business showing strong growth, and with our group turnover across both Life and Non-Life businesses now close to Mzn 6,5bn, we are building a business of real stature and look forward to contributing to the vibrant Mozambican insurance market in our new capacity,” he concludes.
About Hollard and Hollard Seguros Mozambique
Established in 1980, the Hollard Insurance Group (“Hollard”) provides short-term and life insurance as well as investment products to a diverse customer base including individual consumers, commercial entities, and corporate clients. It ranks among a growing number of companies advocating an inclusive growth model, measuring its social dividends as well as its contribution to shareholders. The Group is a passionately purpose-driven organisation.
In 2018 The Tokio Marine Group, the largest insurance group in Japan and amongst the largest in the world, acquired a 22.5% stake in Hollard South Africa and Hollard International, fulfilling Hollard’s long-held goal of partnering with a major international insurance group.
Hollard South Africa and Hollard International operate in various countries, including South Africa, Botswana, Ghana, Lesotho, Mozambique, Namibia, Zambia and the Philippines.
In 2001, Hollard Seguros Mozambique opened its doors in Maputo and became known for providing insurance solutions specifically tailored to the Mozambican market, and quality services to its clients. In 2008, Hollard Mozambique consolidated its life insurance offerings to establish Hollard Vida (which operates under a separate licence, but which remains a part of Hollard Mozambique). The combined business has become one of the leading insurers in Mozambique, providing a complete range of corporate, commercial, and personal insurance products designed to meet the diverse needs of its clients.
With its head office in Maputo, the insurer has a nationwide network that enables it to provide products and services to all Mozambicans. particularly through branches in Nacala, Tete and Beira. In addition, “purple agents” located in all key border posts ensure that all visitors/tourists to Mozambique can purchase the required insurance for travel in the country. Supported by the Hollard Group, Hollard Mozambique is passionately driven by its Purpose of enabling people and businesses in Mozambique to secure a better future by optimising opportunities for creating value and wealth.