Urban Ubomi 1 (RF) Ltd (Nov 2022)

On 23 March 2021, Urban Ubomi 1 issued a total of R609m of Notes under its newly established R2.5bn Mortgage Loan Backed Securitisation Programme, its “Initial Issuance”.
Proceeds of the issuance together with the Subordinated Loan were used by the Issuer to acquire a pool of Loan Agreements together with their Related Security (“Participating Assets”). The Loan Agreements were originated by TUHF Limited (“TUHF”) to small and medium sized companies and entrepreneurs who use the capital to fund predominantly residential property investments in the inner cities of South Africa. In addition, a portion of the proceeds funded an Arrears Reserve.

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Lewis Group Limited (Nov 2022)

Lewis Group Limited (“Lewis” or “the group”) is one of South Africa’s leading household furniture and electrical appliance retailers. The group houses several brand stores including Lewis, Beares, Best Home & Electric (“BH&E”) and UFO, offering its customers both cash and credit sale platforms. Listed on the JSE since 2004, Lewis predominantly operates in South Africa, with a small presence in neighbouring countries. Merchandise sales are supplemented by other forms of income, including credit protection offered through Monarch Insurance, the group’s insurance subsidiary. The group’s operating platform is categorized into two main segments:
1) Traditional: Incorporates the Lewis, BH&E, and Beares brand chains that are all largely credit-focused to drive sales in the low to middle income consumer segments.
2) Cash: Incorporates the United Furniture Outlets (“UFO”) business, a cash-based luxury furniture retailer catering to the higher income market (LSM 9–10+), which was acquired 1 February 2018.

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Centriq Insurance Company Limited (Nov 2022)

Centriq is a licensed short term cell captive insurance company that was established in 2004. The insurer is wholly owned by Centriq Insurance Holdings Limited, which is a 100% owned subsidiary of Santam Limited (“Santam”). As at October 2022, Santam had a market capitalisation of R29.5bn, and currently has a GCR national scale financial strength rating of AAA(ZA).

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Agri Harvest Investments (RF) Limited – Transaction 1 (Nov 2022)

GWK is the Originator. GWK is a public company duly registered and incorporated in accordance with the laws of South Africa, with a head office situated in Douglas, Northern Cape. The company, through its agri division provides specialised non-bank financial services to the primary agricultural market.

GWK Agri Financing is responsible for the credit origination process by originating various credit facilities with farmers.  The Group’s credit approval process centres on the ability of the farmer to successfully operate cash generative farming operations. Each farmer has farmlands in GWK’s traditional catchment area. The Credit Criteria is reviewed annually and approved by GWK’s board of directors.

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Chubb Insurance South Africa Limited (Nov 2022)

ACE Limited acquired The Chubb Corporation and its affiliates on the 14th January 2016. As such, The Chubb Corporation merged into ACE INA Holdings Inc. (“AIH”), with AIH being the surviving entity. Pursuant to that, ACE Limited changed its name to Chubb Limited, with the majority of subsidiaries and affiliates rebranding, including Chubb SA rebranding to Chubb Insurance South Africa Limited on the 1st July 2016.

 

The insurer established a physical presence in the South African market in 2006 and is a wholly owned subsidiary of Chubb INA International Holdings Limited (“CIIH”). CIIH is a subsidiary of Chubb INA Holdings Inc, an entity which is  ultimately owned by Chubb Limited. The latter is listed on the New York Stock Exchange and has operations across the globe. In view of this, the report is a reflection of Chubb Insurance’s stand-alone credit profile.

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Richefond Circle (RF) Limited (Oct 2022)

Richefond Circle has issued a total of R1.001bn of New Notes under its R7bn Commercial Property Loan Mortgage-Backed Securitisation Programme. The New Issuance has resulted in the Transaction increasing in quantum by 95%, from R1.057bn to R2.058bn of Notes.

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Credit Guarantee Insurance Corporation of Africa Limited (Oct 2022)

CGIC traces its roots back to 1956, when it was established as a niche insurer, underwriting domestic and export trade credit risks. The insurer remains firmly entrenched as the niche market leader in the credit and guarantee segment, leveraging off its extensive database of credit information. CGIC insures a significant amount of trade turnover spread across a broad spectrum of industry segments.

 

In 2016, the then Financial Services Board (now Financial Sector Conduct Authority “FSCA”) approved Old Mutual Insure’s, transaction to acquire the remainder of the minority shareholding to own 100% of the issued shares in CGIC (having previously owned 52.5%). Subsequently, Old Mutual Insure accepted an offer from Atradius Participations Holdings B.V. (“Atradius”) for a 25% strategic equity stake in CGIC.

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