25 July 2016 Insurance

Brit enhances South African presence with strategic investment

Brit, a speciality re/insurer, has made a strategic investment in Camargue Underwriting Managers, a provider of specialised insurance products across the South African market.

This investment is part of Brit’s strategy to expand into niche specialty businesses internationally.

As part of the agreement, Camargue will underwrite on behalf of Lloyd’s syndicates, international insurers and local capacity all while retaining its independence.

Matthew Wilson, chief executive officer (CEO) of Brit Global Specialty and Brit Group Deputy, said: “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.

“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.

“We see exciting opportunity in Africa and look forward to expanding our presence in the region through this investment.”

Mitch Marescia, CEO and co-founder of Camargue, added: “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.

“Over time, this partnership will allow us to expand our product range and explore new geographical opportunities.”

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