Gregg Smith has joined Camargue Underwriting Managers effective 1 May 2010. Formally MD of Fidelity Guarantee Acceptances and Head of Specialist Risks at Etana Insurance Company, Gregg will be heading up the Commercial Crime division at Camargue, as well as fulfilling a general management role.
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.
For Camargue 2010 is set to be a year of change for it heralds the beginning of a new era; one where we are moving forward without co-founder of the business Ken van Sweeden at our side.
As brokers prepare themselves for the implementation of the new Consumer Protection legislation, many will be wondering how they can best protect their client’s interests. Historically, general insurance practitioners (both brokers and underwriters) have avoided delving too deeply into public liability insurance business.
In today’s economic climate, directors who don’t admit to yearning for the “good old days” when legislative requirements were less stringent and the economy was booming, are either in denial or lying. The imminent changes to the new Companies Act are a fine example of a new complication that is adding to the stresses faced by this group.
The pending Consumer Protection Act and its impact on the public liability insurance market has been discussed ad nauseam in most insurance circles and savvy insurance brokers are readily acknowledging that it’s time to start introducing their clients to the concept of broad-form liability coverage.
In today’s economic climate, directors who don’t admit to yearning for the “good old days” when legislative requirements where less stringent and the economy was booming, are either in denial or lying. The imminent changes to the new Companies Act are a fine example of a new complication that is adding to the stresses faced by this group. The act which has increased the board of directors’ exposure could now see members being held personally liable when the new act is passed.
Readers that are familiar with Camargue’s product offering will immediately recognise the M³ principle, after all its what sets the company apart from all other insurers and underwriters in South Africa.
Many insurers talk about helping clients manage risk but these initiatives generally fall flat due to the following:
Cost
The cost of effective risk management is often higher than the underlying premium.
Introduction
Much has been written about the act of "Whistle blowing" and, indeed, the morality of this practice. In 1971, the then Chairman of General Motors, James Roche warned against whistle blowing in the following quote:
Gregg Smith has joined Camargue Underwriting Managers effective 1 May 2010. Formally MD of Fidelity Guarantee Acceptances and Head of Specialist Risks at Etana Insurance Company, Gregg will be heading up the Commercial Crime division at Camargue, as well as fulfilling a general management role.
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.
