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RENASA'S HISTORY
Renasa was incorporated in South Africa in January 1998 as a wholly owned subsidiary company of Reliance National Insurance Company (Europe) Limited (“Reliance Europe”). Renasa was granted an unrestricted short-term insurance license to underwrite any class of short-term insurance business in terms of the Short-term Insurance Act. The cessation of operations by Reliance Europe's parent forced the sale of Renasa, at which point Renasa entered a period of "run off".
Renasa's rebirth occurred in January 2002 when a consortium of shareholders acquired Renasa. Underwriting activity recommenced in September 2002. .
At the beginning of 2004 the total reconstruction of the company included.
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the consolidation of its shareholding into a holding company backed by a shareholder of significant financial strength;
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the restructuring of its Board;
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the restructuring of its executive;
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the relocation of its head office operations to Johannesburg; and
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the establishment of a technical partnership with Aon Benfield;
Since then, Renasa has been transformed by:
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the development of its infrastructure;
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the securing of favourable reinsurance programmes;
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the implementation of new strategies; and
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significant growth of its busine
RENASA'S PRODUCTS AND SERVICES
Renasa’s general insurance operations are conducted in three divisions:
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Central Region;
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Natal Region;
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Natal Region;
The Natal and Cape regions are managed by Regional Managers and are mandated. The Central region has several Divisional Managers with similar mandates. Devolving authority to the regions in this manner brings about decentralisation of routine decision-making and a more efficient service level.
Renasa distributes its product through three channels:
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Brokers/Administrators who distibute domestic and commercial lines through conventional delegations of authority granted to administrators and direct brokers;
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Portfolio Managers who underwrite select business;
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UMA’s which underwrite specialised single class business.
Renasa writes both general insurance classes and specalist lines.
General insurance classes include personal and commercial lines. While Renasa has traditionally underwritten both commercial and domestic lines in equal measure, more recently, Renasa has developed the infrastructure and base to scientifically underwrite motor classes making it a common home for domestic schemes.
Specialist lines are underwritten in a separate division managed by a previous CEO of Aon and Aon Re include:
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