South Africa News

KPMG’s S. Africa Unit Names 9 New Execs in Bid to Restore Client Trust

KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former …

Munich Re Africa Drops KPMG as Auditor on S. African Reputational Issues

The African arm of Germany’s Munich Re has dropped KPMG as its auditor, the latest company to distance itself from the accountancy firm entangled in a scandal involving friends of South African President Jacob Zuma. KMPG sacked its South African …

Sanlam Says South African Political Turmoil to Dampen Domestic Business Outlook

Sanlam Ltd., the largest South African-based insurer, said prospects for its domestic business will remain muted for the rest of this year and into 2018 as political uncertainty knocks confidence and markets. Political and economic policy uncertainty is “not likely …

Cape Town Hit by Worst Storm in 30 Years, Threatening Insurers’ Outlook

South Africa’s property and casualty insurers face an even tougher year than expected after Cape Town experienced its worst storm in 30 years and dozens of fires engulfed the region around the town of Knysna this week. The insurers, including …

Emerging Risks/Markets Offer New Opportunities: 2017 Predictions, Part 3

Insurers and reinsurers continue to look for organic growth where they can find it – sometimes from emerging risks and sometimes from emerging markets. As always, the keys to success are market knowledge and patience. Providing a heads-up for such …

Brit Invests in South Africa’s Camargue Underwriting Managers

Brit Ltd., the global specialty insurer and reinsurer, announced it has made a significant strategic investment in Camargue Underwriting Managers, one of South Africa’s leading providers of specialized insurance products. Financial details of the transactions were not disclosed. “The investment …

Old Mutual to Split into 4 Units as CEO Works to Reverse Flagging Returns

Old Mutual Plc plans to split into four units as Chief Executive Officer Bruce Hemphill breaks up the U.K. financial services company to reverse years of flagging returns. The insurer will spin off its controlling stake in South African lender …

Zurich Insurance Plans to Sell South Africa & Morocco Units: Sources

Zurich Insurance Group AG has started a process to sell its units in South Africa and Morocco as it works toward turning around its money-losing insurance operations, according to people familiar with the matter. Zurich is working with financial advisers …

W. R. Berkley Launches South Africa Treaty Unit; Paradine Named Senior VP

W. R. Berkley Corp. announced it has launched a business unit dedicated to writing South African business. The new unit, which will report to Berkley Re UK, will provide treaty service to both insurers and brokers in the region. Sean …

JLT Acquires South Africa’s Eikos Risk Applications

Jardine Lloyd Thompson has agreed to acquire 100 percent of the shares of South Africa-based Eikos Risk Applications (ERA) from Eikos Holdings (Pty) Ltd., part of the Eikos Group. ERA provides specialist marine, transportation and logistics risk consulting and broking …