Swiss Re Corporate Solutions (Swiss Re CorSo) has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority.
Swiss Re CoSo 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.
The unit will now underwrite some of the largest and most complex risks in South Africa across a broad spectrum of industries.
There will be a focus on mid- and large-sized corporate customers, the company provides commercial insurance services primarily in the property, engineering & construction, energy, casualty, bank trade & infrastructure, surety and financial & professional liability lines of business.
“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.”