MGA Rokstone gains direct insurance licence in another market

Speciality re/insurance  MGA Rokstone, part of Aventum Group, has been authorised to underwrite business directly in Africa from its Mauritius office.

The company has secured an insurance agent licence from the Financial Services Commission in Mauritius (FSC). It will initially write political violence & terrorism and property, and is expected to launch financial lines later this year.

The political violence and terrorism facility has A rated capacity from Lloyd's Syndicates with capacity of $100m per risk.

Rokstone said its cover reflects the emerging and current terrorist threats, with additional emphasis on crisis management, victim support and rehabilitation, "not available anywhere else in the market".

The property binder has A rated capacity from AM Best with a $15 million line.

The company's Mauritius office is managed by Vinaye Seebaluck, director and head of underwriting and Avinash Seebhujun, executive director and Head of compliance.

Seebaluck has over 18 years’ experience in re/insurance, heading up various special pisks and PV portfolios for several large local companies such as Jubilee Insurance (Mauritius), AXA Africa Specialty Risks and Swan Insurance.

Seebhujun has over 12 years of legal and compliance experience in several sectors including re/iinsurance, banking, leasing and financial services. He has worked at Rand Merchant Bank based in South Africa and AXA Africa Specialty Risks before joining Rokstone.

Rokstone said it is actively recruiting to add additional specialist underwriters to grow the team. The MGA currently operates from its officers in the UK, Europe, USA, Asia, Africa and the Middle East.

Seebaluck commented: “We’re delighted that our Mauritius office is now officially open for business.  We continue to grow the Group’s geographic presence and diversify its speciality product range. Having boots firmly in the ground in the region means we can better serve our clients with a fast, responsive local service and unbeatable cover. We have strong growth targets in the region and expect to be writing $8m premium before the end of the year."

He added: “Having a local licence in Mauritius will save our brokers in Africa valuable time, as they don’t need to go through a Lloyd's broker and wait for the risk to be passed around the market. With our extensive capacity of $100m per risk for Terrorism & Political Violence, we are here to provide our producers a one stop shop. Our specialist knowledge, use of technology and approach to underwriting also means we can provide broader, more relevant cover, that’s cheaper and quicker to secure than anywhere else. We’re delighted to secure strong capacity for the product – testament to the confidence that carriers have in our expertise and knowledge of this market.”

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