Swiss Re corporate solutions introduced that its new fully-owned subsidiary, Swiss Re corporate solutions Advisors South Africa Pty Ltd, is now licensed by the South African financial services Board to operate within the us of a as a monetary services issuer (FSP).
Swiss Re stated that under the terms of the FSP license, “Swiss Re corporate answers Advisors South Africa Pty Ltd will originate, recommend on and bind direct commercial coverage enterprise in South Africa through an middleman agreement with Guardrisk insurance company Ltd.,” a South African-licensed non-existence insurer, “widely recognized in the nearby marketplace for its recognition and solid economic standing with a Fitch score of ‘AA+’ (South Africa-precise).”
Swiss Re corporate answers expects to begin operations throughout the second region of 2015 from an office in Johannesburg. The corporation will offer industrial insurance offerings to mid- and large-sized company customers, that specialize in assets, mining and engineering risks, in addition to customized answers for the agriculture and energy sectors.
Tony Buckle, Swiss Re company solutions’ Head of Europe, center East and Africa, commented: “South Africa is a key excessive increase market for us, based on the size and class of its business insurance area. The Johannesburg workplace might be our first nearby representation in Africa, and it will be a cornerstone of our method to offer regionally applicable answers to customers.”
Herman Schoeman, coping with Director of Guardrisk coverage added: “we are enthusiastic about the relationship with Swiss Re corporate answers and the possibility to collaborate on turning in customized solutions for customers in South Africa.”