<!-- wp:paragraph --><p>During the thirteen years preceding the pandemic, Renasa grew its national footprint throughout South Africa at an annual compound rate of 26%, delivering a personal service to intermediaries. &nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>Renasa has also regularly garnered recognition from intermediaries, for example, dominating the Financial Intermediaries Association Awards between 2017 and 2019 before they were interrupted by the pandemic.&nbsp; In 2017, Renasa was adjudged Insurer of the Year in Commercial Lines and runner up in Personal Lines. In 2018, Renasa was adjudged Insurer of the Year in both Commercial Lines and Personal Lines. In 2019, Renasa was adjudged Insurer of the Year in Personal Lines and a finalist in Commercial Lines. This exceptional performance emphatically affirms Renasa as the “preferred insurer” in its sector.</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>The combined impact of its massive growth and changes to legislation in the short-term insurance market, both in terms of the supervision of conduct and solvency, Renasa knew that in order for it to retain its standing and develop to the next level, additional capital backing would be required.&nbsp; &nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>According to Jonathan Rosenberg, it was crucial that the capital provider was like-minded, in business approach, entrepreneurial ethos, and would support Renasa’s approach to servicing independent intermediaries. Renasa’s also needed to retain its unique and successful position in the market which would assist and its Executive and employees in developing Renasa into a competitor on level footing with Renasa’s institutional competitors.</p><!-- /wp:paragraph --><!-- wp:image {"align":"left","id":149093,"sizeSlug":"full","linkDestination":"none"} --><div class="wp-block-image"><figure class="alignleft size-full"><img src="https://cover.co.za/wp-content/uploads/2022/06/telesure.jpeg" alt="" class="wp-image-149093"/></figure></div><!-- /wp:image --><!-- wp:paragraph --><p>Telesure Investment Holdings Proprietary Limited (“TIH”) was therefore secured as the preferred investor.&nbsp; As a highly capitalised company, with the TIH partnership, Renasa has secured all the capital it needs for the future, and we can continue to grow from strength to strength and deliver the service levels and products for which we have long been recognised for by our valued partners. While the investment is subject to regulatory approvals, advice received is that no obstacles are anticipated.</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>TIH is a South African born financial services operation.&nbsp; It is owned by BHL who has a vast global footprint, operating in eight countries including South Africa, the UK, Australia, France, Turkey, China, Thailand and Singapore. The group also owns The Saxon Hotel - named the World’s Leading Boutique Hotel since 2000; and Steyn City, a visionary residential and lifestyle estate in northern Johannesburg.&nbsp; Each business within the Group is operated on a fully independent basis, although benefitting from shared knowledge. &nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>Innovation is embedded in TIH’s DNA.&nbsp; This is something that has been at the core of a number of market-shaping firsts throughout its history.&nbsp; Like Renasa, TIH has an entrepreneurial spirit and is focused on delivering repetitive excellence.</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>While TIH stands out with its multiple-channel, multiple-brand approach, for TIH, the intermediated market and, specifically, the independent intermediary segment, where Renasa has categorically made its mark, is largely uncharted.&nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>TIH’s investment will leave Renasa unchanged in terms of its operations and offering. Renasa will continue to operate under its own independent license. Renasa’s Exco team will continue to steer Renasa, and Jonathan will continue as CEO, leading the same executive team which has built Renasa and steered its progress. Renasa’s ethos will continue as it has, and its management, as always, will remain directly available to Renasa’s brokers and UMAs.&nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>Renasa’s approach to business will also remain unchanged and business will continue as usual. Additionally, given that TIH is also a leader in its field, highly advanced technologically and a Financial Intermediaries Association award winner, Renasa can be expected to gain from advancements to the benefit of Renasa’s competitiveness and, importantly, the competitiveness of its intermediaries.&nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>Of course, policyholders will be the ultimate beneficiaries in terms of both improved service levels and competitiveness.&nbsp; This further supports Renasa’s longstanding objective of putting its intermediaries in a position to outcompete their competitors. These advancements will supplement Renasa’s current initiatives to raise service levels now that normal operations have resumed after the remote pandemic operating regime.&nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>During , the past six months, I and Renasa’s executive have worked closely with the leadership of TIH. To a person they are impressively capable but, most importantly, human in their approach. While excellence is a clear objective, they are demonstrably considerate and our executive and I&nbsp; look forward to working with them all in this next chapter.</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>Finally, the partnership with TIH strengthens Renasa measurably to the benefit of Renasa’s policyholders, its intermediaries and its employees.&nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>In closing, we have worked hard to develop Renasa to where it is today, no small thanks to our intermediaries, our staff, executive and board to all of whom I am grateful for the enormous effort and support demonstrated over the past seventeen years.&nbsp;</p><!-- /wp:paragraph --><!-- wp:paragraph --><p>I am truly inspired to drive for the next goal, the transformation of Renasa into a financial institution of equal stature with its peers, some of which have been in operation for more than a century. I look forward to travelling that road with you all.</p><!-- /wp:paragraph -->