Camargue and Phoenix, leading liability underwriters join forces
We are delighted to announce the intended merger between Camargue and Phoenix underwriting agencies to form a larger liability underwriter. Camargue approached Phoenix with a proposal to combine forces late 2009, and the deal is in the final stages of agreement with an effective date proposed to be 1 July 2010.
Mitch Marescia will be the Managing Director of the larger merged Camargue Group, and all existing Camargue staff will continue offering their specialist services as before. Ana Mullins and her team from Phoenix will be incorporated into the larger Camargue Group (at a future date to be decided). It is intended for the Phoenix team to continue to focus on Financial Institutions business.
Mutual & Federal Insurance Company and Lloyds’ will be the new insurance carriers, thereby enabling this newly merged “Liability Authority” to offer increased capacity, and broader cover. Hannover Re will continue to be the Camargue Group’s lead reinsurer in the South African market. Compass Insurance’s Angela Mhlanga commented that “whilst Compass is understandably disappointed to lose Phoenix from within our underwriting stable, we understand the opportunity that such a deal offers to Ana and her team. We are proud of our association with Phoenix and wish them all the very best.” The move of carrier from Centriq (for Camargue), and Compass Insurance (for Phoenix) will be managed and communicated carefully to brokers and policy holders so as not to prejudice, nor inconvenience anyone. Ana and Mitch mentioned that they are very grateful to all former partners for their support through the early days of both Phoenix and Camargue, bringing them to the size that they currently are today.
Current shareholders of Camargue together with Ana Mullins and Lireas Holdings will be shareholders in the new merged entity. Lireas Holdings, a founding shareholder of Phoenix and a subsidiary of Hannover Re, will be able to offer management and strategic support into the future.
Strategically the market can expect great things from this newly enlarged player in the African liability market. The increased capacity and enhanced staff complement will enable Camargue Holdings to offer a credible, strong alternative market and a “one stop shop” for all liability and risk related needs.
Final details of how the new deal will work in practice will be communicated via our loyal brokers in due course.
Mitch Marescia and Ana Mullins
Click here to visit the Phoenix Underwriting Managers website.
