A division of Swiss Re has expanded into South Africa with a focus on commercial insurance coverage and services for mid-and large-sized corporate clients.
Swiss Re Corporate Solutions’ advance into the country comes through a relatively complex process. It obtained a license from the South African Financial Services Board for its new, wholly-owned subsidiary that will handle the business: Swiss Re Corporate Solutions Advisors South Africa Pty Ltd. But the subsidiary, licensed as a financial services provider, will work through an intermediary agreement with South Africa’s Guardrisk Insurance Company Ltd. to originate, advise on and bind direct commercial insurance business in the country.
Plans call for Swiss Re to ramp up the expansion in the 2015 second quarter, through a Johannesburg office. Executives will focus on property, mining and engineering risks, plus customized coverage for the agriculture and energy sectors.
“South Africa is a key high growth market for us, based on the scale and sophistication of its commercial insurance sector,” Tony Buckle, Swiss Re Corporate Solutions’ Head of Europe, Middle East and Africa, said in prepared remarks. “The Johannesburg office will be our first local representation in Africa, and it will be a cornerstone of our strategy to provide locally relevant solutions to clients.”
Source: Swiss Re