Swiss Re’s reinsurance business unit has a newly-approved license for property/casualty business in South Africa. The move completes Swiss Re’s pan to re-domicile its Southern African P/C business onto the continent.
The South African Prudential Authority has approved Swiss Re’s application to expand the license of its existing subsidiary, Swiss Re Life and Health Africa Limited, to become a composite entity that can service both life and health as well as P/C business. Swiss Re Life and Health Africa Limited will be renamed to Swiss Re Africa Limited and will have the status of a subsidiary of Swiss Reinsurance Company Limited, Zurich.
“Our expansion in South Africa lays the basis for Swiss Re to upscale its market strategy in Africa. By shifting the center of gravity of our African business back to Africa, we are sending a clear signal that we believe insurance in Africa has a strong future,”said Jean-Jacques Henchoz, CEO Swiss Re Reinsurance EMEA.
Under the leadership of Thys Nieuwoudt, Swiss Re Africa Limited will be based in Cape Town, delivering service into the important insurance hub in Johannesburg as well as Southern African markets.
The move allows Swiss Re Africa Limited to extend its service offering to P/C reinsurance capacity, as well as opening access to Swiss Re’s capital management services in the region.
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