LomHold insurance group removes nine entities and adds three
Fundi Tshazibana, Chief Executive Officer of the Prudential Authority, has amended the LomHold insurance group designation. Nine entities leave the scope of group supervision and three enter it.
Nine entities leave the perimeter
Fundi Tshazibana amended the designation of the LomHold (Pty) Limited Insurance Group to facilitate insurance group supervision.
The notice concerns section 10(5) of Insurance Act No. 18 of 2017; Tshazibana acts under section 10(6).
It removes nine entities from the designated group: LomShelf01 (Pty) Ltd; Luzocode (RF) (Pty) Limited; Praesidio Risk Managers (Pty) Ltd; Explore Software (Pty) Ltd; DP Bonds (Pty) Ltd; Firefly Investments 301 (Pty) Ltd; Lombard Australia Holdings (Pty) Limited; Assetinsure Holdings (Pty) Ltd; and Assetinsure (Pty) Ltd. These entities are scoped out of the insurance group for supervisory purposes.
The notice does not state an effective date for the amended designation.
Three additions reshape group coverage
The amended designation brings AMI Underwriting Managers (Pty) Ltd, Specialist Risk Holdings (Pty) Ltd and Genoa Underwriting Managers (Pty) Ltd into the insurance group.
The notice identifies the additions and removals but gives no entity-specific reasons for either change.
It directs readers to a linked list of designated entities on the South African Reserve Bank website for the companies designated as part of the LomHold (Pty) Limited Insurance Group.
Supervisory scope, not ownership
The amendment changes which entities fall within LomHold's designated insurance group for supervision.
The notice does not announce ownership changes or transactions involving those entities.
Its stated purpose is to facilitate insurance group supervision.