The firstEquity Insurance Group and SATIB have recently merged operations. This will see the group gain a number of specialist insurance broking and underwriting management companies.
These include: SATIB, PIFRS (Professional Indemnity and Directors & Officers / Cyber Liability Broker), Expanded Risk (an underwriting management company acting on behalf of Lloyd’s and other local insurance companies) and a merger following the acquisition of a number of PSG offices in Johannesburg to take care of all domestic and small business risks. Further acquisitions will be announced in coming months.
The merger discussion included the strategic decision to create a focused Africa division, with its head office in Mauritius. The Africa division will incorporate three companies:
- African Risk Transfer, which will provide retail insurance broking and risk management advices focused on growing the group’s African presence.
- African Reinsurance Consultants, which will provide reinsurance broking solutions to the African market focusing on the insurance companies and large capacity risks.
- Tourism Risk Underwriting in Mauritius, which will specialise in underwriting on behalf of Lloyd’s of London syndicates providing capacity to the insurance sector and insurance solutions to the African tourism market.
Gavin Courtenay, Managing Director at SATIB Insurance, will now relinquish his role as MD to head up the Africa Division. “I have confidently steered our family-owned business for many years and look forward to driving forward the Africa division. I am very excited about this opportunity and the re-deployment to Mauritius. I aim to optimise the significant growth potential we see in Africa. My family founded SATIB almost 30 years ago and I would not relinquish my role as MD if I did not have complete faith in the current board and management team. I will remain an active shareholder in our South African operation.”
Dewald Cillié will replace Courtenay as SATIB Executive Head. This restructure was effective as of January 1, with the physical move coming into effect from February 21.
