Dear Friends, Colleagues and Business Associates
Observant of how quickly information finds its way into the market, we would like to formally give fair notice that as of 1 July 2016, Camargue Underwriting Managers (“Camargue”) will no longer place business on its Mutual and Federal Insurance Company Limited (“M&F”) binder. The move to end this relationship – following an equally beneficial six year partnership – is a mutual decision and the result of the altered strategic ambitions of both parties. We would like to openly respect and acknowledge M&F for entrusting us with their underwriting pen since July 2010 and unreservedly wish them all the very best in their future endeavors.
At the outset, it should be made clear, that despite the cessation of this relationship, Camargue will honour its responsibilities and continue to manage all existing M&F policies and claims until renewal and finalisation respectively. There will be no impact on existing policyholders as the Camargue/M&F parting will not result in any terminations or transfers.
Camargue celebrates 15 years of successful operation in August this year and for the past 10 years has operated under a coinsurance model with Lloyd’s. As of 1 July 2016 we are excited to confirm that 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”).
The Lloyd’s participation will continue to be led by Brit Syndicates Limited followed by a number of prominent Lloyd’s syndicates which soon will be disclosed.
Lloyd’s credit ratings:
- Standard & Poor’s: A+ (Strong)
- Fitch Ratings: AA- (Very Strong)
- A.M. Best: A (Excellent)
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).
Compass Insurance Company Limited Credit Ratings:
- GCR: AA- (ZA)(Stable)
Hannover Reinsurance Africa Limited Credit Ratings:
- Standard & Poor’s: BBB+ global scale and zaAAA national scale
Hannover Rück SE (Germany) Credit Ratings:
- Standard & Poor’s: AA- (Very Strong)
- A.M. Best: A+ (Superior)
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.
This is the first of several communications that will follow on the matter, but as a valued business associate, Camargue would like to ensure that accurate message dissemination is filtered through to the market throughout this process.
Should you have any questions or concerns on the matter, please don’t hesitate to contact:
Lucian Carciumaru: email@example.com
Chief Executive Officer