Camargue Underwriting Managers (Pty) Ltd (“Camargue”) has confirmed that it has entered into a binder agreement with Zurich Insurance Company South Africa Limited (“Zurich South Africa”). The move signifies the start of a new era for Camargue – one of expansion and accelerated growth.
Following Brit Limited’s ("Brit") strategic investment in Camargue last year, the UMA confirmed its intention to increase its product offering and specialised insurance solutions, and in so doing extend its underwriting reach. This is the first such transaction to be negotiated since the landmark partnership was signed with Brit in July last year.
Camargue will manage Zurich South Africa’s existing short-term stand-alone specialist liability and financial lines policies, while continuing to underwrite on behalf of certain underwriters at Lloyd’s and Compass Insurance Company Limited (“Compass”).
Camargue managing director, Gerhard de Bruin, commenting on the announcement says: “We are really excited to consolidate the synergies of our insurance partners in to provide unique and financially strong insurance products for our customers and brokers. We greatly value our long-term relationships with our insurers and look forward to many years of successful collaboration.”
Edwyn O'Neill, Zurich South Africa’s chief executive officer, added: “Our brokers and policyholders will benefit by being able to tap into Camargue’s full suite of widely recognised products and services. In addition, this partnership provides us with the opportunity to access a larger, more diversified portfolio managed by a larger team of underwriters and claims professionals.”
With the strength of diverse South African and global insurance carriers behind it, Camargue will continue to offer risk management solutions and specialised insurance products to a broad spectrum of industries in Southern Africa.
Zurich SA is expected to announce its new name and reveal its corporate identity later this month [February 2017].