Reinsurance News

Neema launches reinsurance capacity partnership with SOPAC

16th March 2022 - Author: Jack Willard

African specialist underwriting agency, Neema Insurance Managing Agency has gone into partnership with the American Samoa headquartered insurance company, Southern Pacific Insurance Corporation (SOPAC).

The agreement which has been effective as of 1st March this year, will see SOPAC giving exclusivity to Neema to take business on their behalf in African and Asian territories only.

Part of the objectives for Neema for 2022 was to see them enter into binder agreements with reinsurers that have both the reinsurance capacity and, more importantly the risk appetite to insure African risks.

“Being a growing and ambitious company, we strive to be a leading underwriting management Agency”, said Principal Officer of Neema, Sharon Ng.

“This partnership will allow us to increase Africa’s reinsurance capacity while at the same time expand our geographical footprint.”

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SOPAC has achieved 100% year on year increases in net written premium over the past four years, as well as being accepted as being an approved reinsurance security by numerous amounts of African insurance companies. Therefore, they have demonstrated considerable experience and appetite in both African and Asian markets.

The classes that are permitted to be underwritten by Neema under this agreement with SOPAC includes: Property & Engineering, Marine Hull & Cargo (including protection and indemnity), Aviation, Liability, Surety Bonds, Political Violence & Terrorism, Political Risks and Miscellaneous Accidents.

Rob S. Harrison, Director- Underwriting at SOPAC commented on the partnership: “Partnering with Neema provides our clients with tremendously improved underwriting service in the form of rapid response to underwriting inquiries and elimination of time differences for ease of direct communication.

“We feel very strongly that these enhancements will allow for SOPAC and its brokers to take advantage of more underwriting opportunities in Africa and Asia and better support these markets.”

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