[Sandton 25 July 2023] - Renasa, a leading insurance provider focused exclusively on the intermediated market, is pleased to announce a significant leadership transition and strategic focus aimed at enhancing its position in the insurance market and re-enforcing the empowerment of its intermediaries to outcompete their competitors. The changes come as Jonathan Rosenberg approaches retirement age, already extended to age seventy, and in the wake of the TIH Insurance Group's acquisition of Renasa earlier this year, which set the company on a new trajectory.

Jonathan Rosenberg, the CEO of Renasa, provided insights into the developments that led to Renasa’s recent transition. Speaking about the factors that influenced the changes , he highlighted the technological advancements, demographic changes, increased consumerism, and regulatory shifts that had been affecting the intermediated insurance market since 2016.

These changes posed a challenge for insurers servicing the intermediated market as well as their intermediaries, leading to a consolidation in the industry and at least 10 insurers leaving the intermediated segment.

According to Jonathan, they projected that, unless the intermediated segment embraced the changes necessary to match direct market efficiency in commoditised lines, the South African market would likely follow the UK trend which left the personal lines classes entirely in the hands of direct insurers, a development which, given that it is the largest segment of the South African market, would cost South African intermediaries billions annually.

Recognising the need for a different approach to secure the sustainability of the market, Renasa aimed to embrace technological advancements to effectively handle personal lines classes. To achieve this, it sought to raise institutional capital and acquire advanced technology and analytics capabilities. The acquisition by the TIH Insurance Group achieved both these goals and proved to be a watershed moment for Renasa, providing the necessary institutional capital and resources to remain competitive in the market where so many others have struggled or failed.

Jonathan’s retirement age was specifically extended to permit him to deliver Renasa’s capitalisation goals and conclude, ultimately, the TIH transaction. Now that this has been accomplished, and to permit a transitionary period before his final retirement in January 2025 during which Jonathan will remain on the board and available to Renasa as a strategic advisor, Jonathan Rosenberg is stepping down from his role as CEO. Herman Scheepers, the current General Manager of Risk and Technology at Renasa, will assume the role of CEO from the beginning of September.

Jonathan emphasises that Herman has been earmarked for this position for many years and that the succession is natural in that Herman has participated with Jonathan in every aspect of Renasa’s business and, as Jonathan puts it, “knows every nook and cranny of the business”.

Herman Scheepers expressed his excitement about taking over as the CEO, emphasising Renasa's commitment to remaining the broker's best friend and delivering tailored solutions to the intermediated market. He highlighted the importance of maintaining personal service and direct relationships with independent brokers, even amidst technological advancements. Now , backed by TIH and with a renewed focus on strengthening bonds with intermediaries, delivering innovative technology, advanced analytics, and a strong procurement muscle, Herman aims to enhance Renasa's position as a viable competitor to the largest intermediated-based insurers.

Jonathan and Herman both believe that the combination of rock-solid capacity and cutting-edge technology will empower intermediaries to outshine their competition and secure a promising future for Renasa.

About Renasa: Renasa is a prominent insurance provider dedicated to serving the intermediated market in South Africa. With a long-standing commitment to personal service and strong relationships with brokers and underwriting managers, Renasa continues to thrive as a reliable insurance partner.

For media inquiries, please contact: Elliot Schwartz elliotschwartz@iafrica.com