Swiss Re eyes expansion in South Africa with new direct insurance licence
Swiss Re Corporate Solutions, the primary insurance arm of Swiss Re, has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority.
The direct insurance licence will enable Swiss Re to provide the full range of its products, including non-traditional risk solutions, as well as its long-term capacity and underwriting expertise, across the region.
The company said that its new unit, Swiss Re Corporate Solutions Africa, based in Johannesburg, is now fully operational. It plans to underwrite some of the "largest and most complex risks" in South Africa across a broad spectrum of industries.
With a focus on mid- and large-sized corporates, the company will provide commercial insurance services primarily in the property, engineering & construction, energy (operational power including renewable energy & operational mining), casualty, bank trade & infrastructure, surety and financial & professional liability lines of business, as well as innovative risk solutions, which can be tailored to a customer's unique exposures.
Swiss Re Corporate Solutions established operations in South Africa in 2015. To date it has operated in the country as Swiss Re Corporate Solutions Advisors South Africa, a licenced Financial Services Provider binding direct commercial insurance business through a binder agreement with Guardrisk Insurance Company.
"This direct insurance licence helps us strengthen our presence and further expand our offerings in South Africa," said Fred Kleiterp, CEO Europe, Middle East & Africa at Swiss Re Corporate Solutions. “It is evidence of our strong commitment to this important market and underlines our ambition to be a sustainable partner to our customers and brokers in the region."
Michelle Oosthuizen, head South Africa at Swiss Re Corporate Solutions, added: "Our market partners in South Africa will continue to benefit from our strong lead capabilities, innovative solutions and financial strength. Our own licence will enable us to better support our customers and brokers and build a sustainable, long-term business in South Africa."
