BIHL offloads loss-making business to BIC

BIHL management decided to sell the product owned by its subsidiary, BIHL Sure! as it was continuously making losses in the group. In the comment on the published financial results for the half year ended June 30 2014, BIHL group chairman, Batsho Dambe-Groth and group chief executive, Gaffer Hassam said the product kept on making losses beyond the level of tolerance.

“Management consequently entered into negotiations with Botswana Insurance Company Limited (BIC) to sell off the general lines book to BIC and we have now received all required regulatory approvals. We envisage the migration of the general lines book to be completed by mid- September 2014,” the comment said.