Renasa is an insurance company that was established in South Africa in the beginning of 1998. The company, at the time of its inception, was a wholly owned subsidiary of the Reliance National Insurance Group. However, soon after, as Reliance stopped all operations, the company was put up for sale.
Subsequently, in the beginning of 2002, the company was purchased by a consortium of shareholders with the underwriting operations of the company starting at the end of that year. Since that period, the company has been transformed with the help of a series of administrative and strategic initiatives.
The company functions in the country by dividing the market on the basis of three geographical areas. These include the KwaZulu Natal region, the Cape region and the Central region. The company’s products are distributed in the country through three separate and distinct channels. These channels are primarily portfolio managers, brokers or administers and UMAs.
It is also worth mentioning that Renasa has a special relationship with Aon Re in which Aon Re acts as its technical partner. On the ground level what this means is that the company would be able to use the international infrastructure of Aon Re. The company tries to offer everything from simple or general insurance product lines to the more specialist types of product lines.
Here is a small list of the various insurance products that the company has on offer.
- Insurance products that categorically cater to the property sector of the country
- All risk insurance products designed to protect contractors
- Insurance products designed to cover consequences of breakdown in machinery
- The full range of insurance products for the marine industry
- Specialized insurance products for the agricultural industry
- A series of different types of bonds and guarantees
According to the company, its restructuring and re – strategizing efforts are already starting to reap dividends, which means that the consolidation phase is over and the company is all set to grow significantly in the near future. This simply means that the company is in a secure financial state and the future of its insurance products can be said to be rosy.