Brit Limited (‘Brit’), the global specialty insurer and reinsurer, is pleased to announce that it has made a significant strategic investment in Camargue Underwriting Managers (‘Camargue’), one of South Africa's leading providers of specialised insurance products.
The investment builds on Brit’s strategy of selective international expansion into niche specialty businesses that offer well-established distribution networks underpinned by underwriting expertise. Under the agreement, Camargue will retain its independence, underwriting on behalf of Lloyd’s syndicates, international insurers and local capacity.
Founded in 2001 and with a strong track record of growth since inception, Camargue writes a range of specialised insurance products across the South African market. A Lloyd’s coverholder, Camargue has a longstanding relationship with, and is an important trading partner for, Brit. Camargue is the largest independent provider of specialist liability solutions in South Africa with gross written premiums of ZAR 215 million for the year to 31 December 2015.
Matthew Wilson, CEO Brit Global Specialty and Brit Group Deputy CEO, commented:
“We are delighted to announce this investment in Camargue. It is a business we have known for a long time and we are pleased to be able to further develop this important relationship. Camargue’s focused strategy and rigorous underwriting approach fit closely with our own priorities at Brit, while its strong growth trajectory is testimony to the experience and expertise of its management team. We see exciting opportunity in Africa and look forward to expanding our presence in the region through this investment.”
Mitch Marescia, CEO and Co-founder of Camargue, added:
“Securing Brit’s strategic investment is an exciting moment for Camargue. Brit already represents a key partner for Camargue and this investment will enable us to further accelerate our growth while enhancing our proposition for clients and partners. Over time, this partnership will allow us to expand our product range and explore new geographical opportunities.”
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Brit is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. The Brit Group underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit is a subsidiary of Fairfax Financial Holdings Limited.
About Camargue Underwriting Managers
Founded in 2001, Camargue is a leading provider of risk management solutions and specialised insurance products to a broad spectrum of industries in South Africa. It operates as one of Lloyd’s 4008 worldwide coverholders. http://www.camargueum.co.za/about/about