Swiss Re Corporate Solutions receives direct insurance licence in South Africa
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Swiss Re Corporate Solutions announces that it has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority. Located in Johannesburg and fully operational, Swiss Re Corporate Solutions Africa offers customers in South Africa the full range of its products, including non-traditional risk solutions, as well as its long-term capacity and underwriting expertise.
Swiss Re Corporate Solutions Africa will 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 corporate customers, the company provides 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. The company also offers Innovative Risk Solutions, which can be tailored to a customer's unique exposures.
"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.“
"Our market partners in South Africa will continue to benefit from our strong lead capabilities, innovative solutions and financial strength," said Michelle Oosthuizen, Head South Africa at Swiss Re Corporate Solutions. "Our own licence will enable us to better support our customers and brokers and build a sustainable, long-term business in South Africa."
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 (reference no. 45661) binding direct commercial insurance business through a binder agreement with Guardrisk Insurance Company Ltd.