Swiss Re Corporate Solutions announced that its new wholly-owned subsidiary, Swiss Re Corporate Solutions Advisors South Africa Pty Ltd, is now licensed by the South African Financial Services Board to operate in the country as a Financial Services Provider (FSP).
Swiss Re said that under the terms of the FSP license, “Swiss Re Corporate Solutions Advisors South Africa Pty Ltd will originate, advise on and bind direct commercial insurance business in South Africa through an intermediary agreement with Guardrisk Insurance Company Ltd.,” a South African-licensed non-life insurer, “well known in the local market for its reputation and solid financial standing with a Fitch rating of ‘AA+’ (South Africa-specific).”
Swiss Re Corporate Solutions expects to begin operations during the second quarter of 2015 from an office in Johannesburg. The company will provide commercial insurance services to mid- and large-sized corporate clients, focusing on property, mining and engineering risks, as well as customized solutions for the agriculture and energy sectors.
Tony Buckle, Swiss Re Corporate Solutions’ Head of Europe, Middle East and Africa, commented: “South Africa is a key high growth market for us, based on the scale and sophistication of its commercial insurance sector. 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.”
Herman Schoeman, Managing Director of Guardrisk Insurance added: “We are excited about the relationship with Swiss Re Corporate Solutions and the opportunity to collaborate on delivering customized solutions for clients in South Africa.”
Source: Swiss Re Corporate Solutions
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