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| Filename | TIH-_-Final-report.pdf |
| Filesize | 276.43 KB |
| Version | paid report |
| Date added | January 15, 2024 |
| Category | Credit Rating Reports, Insurance |
| Tags | South Africa |
Telesure Investment Holdings Proprietary Limited and its subsidiaries (together, TIH or the group) is an insurance group incorporated in South Africa, with interests in the financial services industry. The group is a wholly owned subsidiary of United Kingdom based BHL (SA) Holdings Limited, with the ultimate parent being BHL Holdings Limited (BHL Holdings), a company incorporated in Guernsey. Principal insurance subsidiaries within the group include Auto and General Insurance Company (RF) Limited (Auto & General), Budget Insurance Company (RF) Limited (Budget Insurance), Dial Direct Insurance (RF) Limited (Dial Direct), First for Women Insurance Company (RF) Limited (First for Women), Renasa Insurance Company Limited (Renasa) and 1 Life Insurance (RF) Limited (1Life). Other consolidated subsidiaries provide investments, administrative and other insurance related services.
Although TIH is part BHL Holdings, the latter no longer consolidates the performance of the group. TIH’s rating was therefore approached from a standalone sub-group perspective. GCR views Auto & General to be an essential entity within the group, reflecting its relevance in terms of size, sound history of performance and high level of assimilation. As a result, the rating of Auto & General is derived by considering the strengths and weaknesses of the broader group.