Camargue Underwriting Managers (“Camargue”) announced that Brit Insurance Holdings Limited (“Brit”), the global specialty insurer and reinsurer, has acquired a further interest in Camargue, taking its ownership to 100% of the business.
Founded in 2001, Camargue Underwriting Managers is a leading managing general underwriter, offering a range of specialised insurance products and specialist liability solutions in South Africa.
Gerhard de Bruin, Camargue CEO, commented: “Camargue celebrated 20 years of successful operation in August this year, and we are delighted to mark this by strengthening our partnership with Brit. This will allow Camargue to continue building on our strong track record, as well as supporting new opportunities with Brit’s reputation, reach and underwriting expertise empowering Camargue to deliver its next phase of growth.”
Camargue’s existing management team will remain, with Mitch Marescia, Camargue’s co-founder, also staying with the business as Non-Executive Chairman.
Camargue is an underwriter of niche insurance products and a provider of risk management solutions to a broad spectrum of industries in Southern Africa. Camargue’s products are distributed by a network of over 1,300 brokers. Camargue performs binder functions on behalf of Brit and other insurers and is a registered Financial Services Provider (FSP licence number: 6344) for short-term insurance and reinsurance products.
Brit is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit is a subsidiary of Fairfax Financial Holdings Limited. For more information, please visit britinsurance.com.