Following on our announcement dated 25 May 2016 we would like to take the opportunity to provide an update. As of 1 July 2016 the Lloyd’s participation on our binders will increase to 75% with the balance of 25% being placed locally with Compass Insurance Company Limited (“Compass”).
Compass is a specialist short-term insurer operating exclusively through underwriting management agencies. Compass is wholly owned by Hannover Reinsurance Africa Limited, which is a 100% owned subsidiary of Hannover Rück SE (Germany).
The Lloyd’s participation will continue to be led by Brit Syndicates Limited followed by a number of other prominent Lloyd’s syndicates. The full product participation will look as follows:
Brit Syndicates Limited (2987)Channel Managing Agency Limited (2015)Mitsui Sumitomo Insurance Underwriting at Lloyd’s Limited (3210)ANV Syndicates Limited (1861)Antares Managing Agency Limited (1274)Compass Insurance Company Limited
Each of our products contain a specific combination of the above insurers which will be listed on the policy documentation.
Insurer Credit Ratings
- Standard & Poor’s: A+ (Strong)
- Fitch Ratings: AA- (Very Strong)
- A.M. Best: A (Excellent)
Compass Insurance Company Limited:
- GCR: AA- (ZA)(Stable)
Hannover Reinsurance Africa Limited:
- Standard & Poor’s: BBB+ global scale and zaAAA national scale
Hannover Rück SE (Germany):
- Standard & Poor’s: AA- (Very Strong)
- A.M. Best: A+ (Superior)
Camargue has always been at the forefront of insurance-related technology. In 2010 we simplified the way you do business with us by transforming into a paperless environment. We are now implementing a new policy administration system from 1 July 2016, which will refresh our policy documentation and proposal forms, provide for fast turnaround times, and potentially allow brokers access to policy detail.
As a result of this exciting endeavor there may potentially be some minor glitches during the first week of July 2016. We will however be available and very eager to receive any feedback which you might have.
Change in Banking Details
Our premium bank account details have changed for all policies that are placed from 1 July 2016 onwards. Our finance division will forward these to you shortly.
As a result of the change in insurers we will be issuing new agency agreements to be signed by all of our intermediaries. A further communication with the agreement to be signed will be sent out in due course.
Going forward, Camargue will continue its long-standing relationships with Lloyd’s, Brit Syndicates Limited and Hannover Re, while Compass will deliver the local capacity. We will continue to provide short-term commercial specialist insurance lines in South Africa, with a focused initiative in Africa. Our global markets also provide exciting and strategic opportunities to expand our product range. With continued provision of risk management services to our clients we are certain that Camargue will carry on its tradition of always going beyond insurance.
We are confident that our product now offers the strongest and most diverse financial rating in the market.