Brit Ltd., the global specialty insurer and reinsurer, announced it has made a significant strategic investment in Camargue Underwriting Managers, one of South Africa’s providers of specialized insurance products.
Financial details of the transactions were not disclosed.
“The investment builds on Brit’s strategy of selective international expansion into niche specialty businesses that offer well-established distribution networks underpinned by underwriting expertise,” Brit said in a statement.
Under the agreement, Camargue will remain independent, continuing to underwrite on behalf of Lloyd’s syndicates (as a Lloyd’s coverholder), international insurers and local capacity, Brit said, noting that the two companies have had a longstanding trading partnership.
Founded in 2001, Camargue writes a range of specialized insurance products across the South African market. It is the largest independent provider of specialist liability solutions in South Africa with gross written premiums of 215 million South African rand ($14.9 million) for the year to Dec. 31, 2015.
“We are delighted to announce this investment in Camargue. It is a business we have known for a long time and we are pleased to be able to further develop this important relationship,” said Matthew Wilson, CEO Brit Global Specialty and Brit group deputy CEO.
“Camargue’s focused strategy and rigorous underwriting approach fit closely with our own priorities at Brit, while its strong growth trajectory is testimony to the experience and expertise of its management team,” he said.
“We see exciting opportunity in Africa and look forward to expanding our presence in the region through this investment,” Wilson went on to say.
“Securing Brit’s strategic investment is an exciting moment for Camargue. Brit already represents a key partner for Camargue and this investment will enable us to further accelerate our growth while enhancing our proposition for clients and partners,” commented Mitch Marescia, CEO and co-founder of Camargue.
“Over time, this partnership will allow us to expand our product range and explore new geographical opportunities,” Marescia said.
Source: Brit Ltd.