Market Cover

Cover
1 September 2016
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WHAT FINANCIAL PLANNING MEANS FOR MILLENNIALS
African Rainbow Capital (ARC) has acquired a minority stake in Colourfield Liability Solutions for an undisclosed amount, enhancing ARC’s vision of becoming a fully-fledged financial services company and delivering exceptional returns on equity.

Colourfield was cofounded by Nick Sennett, Costa Economou and Shaun Levitan in 2010 and today is the largest investment manager of third-party goals-based investment solutions. Colourfield’s intention is to use the opportunity to leverage off ARC’s strategic focus and strong leadership team. ARC’s shareholding will allow Colourfield to maintain its independence which it submits is @ eessential for best-of-breed solution delivery to its clients.

Patrice Motsepe, Chairman and founder of ARC says: “Colourfield have a key asset management role to play in this partnership in terms of the innovation and technology they can provide. ARC is a newly formed, fully black-owned and controlled investment company focusing on the South African and African financial services industry. We are looking to build a “best of breed” financial services business and ultimately, benefit our stakeholders and positively contribute to the lives of South Africans.”

Costa Economou, CEO of Colourfield says the investment will be mutually beneficial, with significant potential. “We are extremely excited by the synergy an ARC shareholding in our business will create. The involvement of ARC, an extremely strong BEE partner, will bring strategic focus, a strong leadership team, new and exciting opportunities and the shareholding of a broad-based trust. Our agreement with ARC is the perfect way for us to achieve the growth we want without compromising our independence.”

Colourfield prides itself on challenging traditional “one-size-fits-all’ approach to investment by creating tailored investment solutions that focus on outperformance of liabilities or goals, rather than the industry standard approach of focusing on market benchmarks.

AIG SOUTH AFRICA RELOCATES ITS JOHANNESBURG HEAD OFFICE

AIG South Africa has relocated from its offices in Parktown to Sandown Mews West, 88 Stella Street, Sandown. Wayne Abraham, Managing Director for AIG South Africa says the move will bring the insurance company closer to the majority of its key business partners, as well as many of the country’s major corporations. “The new offices also offer our staff an inspiring, safe environment in which to work. Of course, being within walking distance of the Gautrain, excellent restaurants, shops and hotels is an added plus for both staff and business partners.” says Abraham.

BRIT MAKES STRATEGIC INVESTMENT IN CAMARGUE UNDERWRITING MANAGERS

A Partnership that Benefits the Industry, Camargue and the Continent!
Camargue Underwriting Managers (“Camargue”) today announced that Brit Limited (“Brit”), the global specialty insurer and reinsurer, has made a significant strategic investment in Camargue. A partnership that represents a new era, new markets and access to a global playing field; the investment will enable Camargue to accelerate its growth and increase its product offering and specialised insurance solutions.
This agreement builds on Camargue’s 14 year relationship with Brit and represents a significant opportunity for Camargue to extend its underwriting reach.
“We are delighted to welcome Brit as a strategic investor and we stand to benefit from its.comprehensive industry expertise. Our new shareholders are also directly involved in the industry a move which makes sense for us as a business. We are now part of a large global insurance family that is widely acknowledged and respected in the industry,” says Marescia.

Under the new arrangement, Camargue will retain its independence and continue to build upon its industry-leading reputation as the foremost niche commercial liability underwriter in South Africa. “Although we will operate autonomously, yet as equal partners, we will capitalize on the inherent opportunities afforded by the relationship. At the outset will be able to write business more widely and in time expand our product ranges into many of the products that Brit writes,” added Marescia.

Africa is a continent that represents a long-term growth opportunity, but Camargue has only just started to penetrate this market. The Brit partnership represents a key step in expanding the UMA’s presence in this important territory, opening up exciting opportunities for acquisitions and partnerships across the continent.

For Camargue 2016 is without doubt a year of change, from 1 July 2016 the Lloyd’s participation on its binders increased to 75% with the balance of 25% being placed locally with Compass Insurance Company (“Compass”). With Compass delivering the local capacity, Camargue’s longstanding relationship with Hannover Re will remain intact.

“These are exciting times for our extended team and while we may be hungry for expansion, progress, and underwriting profitability, we will retain our Camargue values and culture code. We will continue our tradition of always going beyond insurance. All that makes us unique our very essence and the philosophy of Camargue will be carried forward into this next phase,” says Marescia. “Fortunately our respective company values are very similar. We share the ideals of innovation, entrepreneurship and encourage calculated risk taking. We work and play hard. Relationships matter, honesty and integrity will never be compromised, and we value loyalty. With that as the foundation of our partnership, we have all the right workings in place for continued success!”

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.

Camargue is an underwriter of niche insurance products and a provider of risk management solutions to a broad spectrum of industries in Southern Africa. In excess of 1 150 brokers sell Camargue’s products and today, the result of determined and prolonged commitment and effort, 50 staff have permanent positions and contracts with the Group. Camargue’s ability to achieve value for stakeholders is driven by the Group’s focused strategy and rigorous attention to the achievement of niche underwriting efficiency. The UMAs unique M3 approach focuses on managing, mitigating and migrating critical business risks. Camargue operates in the SADEC region.

ALLIANZ AND SOS CHILDREN’S VILLAGES FOCUS ON SOCIAL INCLUSION

Allianz SE and SOS Children’s Villages announced their global partnership at a joint event this week. The initial three-year partnership will see Allianz companies across the globe lend their support to SOS Children’s Villages.

In addition to projects to provide children with individual support, Allianz will be contributing its risk management expertise, for example by helping to turn children’s villages into safe ports of call for local communities in the event of a catastrophe. Allianz, which operates in 15 countries in Africa has been providing young people with targeted support for more than 20 years now. “As an insurer and investor, we think and plan ahead longer-term than many others do,” said Oliver Bate, CEO of Allianz SE.

“With our ‘Encouraging Future Generations’ social program, which has now entered into its first global partnership with SOS Children’s Villages, we are seeking solutions for challenges relating to social inclusion. Together with the SOS Children’s Villages, we are encouraging young people worldwide to shape the future in a sustainable manner.” Richard Pichler, Special Representative of SOS Children’s Villages International, said: “We currently provide 80,000 children and teenagers in 134 countries (47 in Africa) with a safe place to call home.

As a result, we are delighted to have secured the support of Allianz, a global partner that shares our values and objectives and can also contribute complementary knowledge and skills. We want to achieve more together by launching training programs for young people, improving the opportunities open to them on the labor market, dealing with risk provisions within communities… to mention only a few of the areas we want to focus on.” The joint event included a podium discussion on “What contribution can the corporate sector make to social inclusion?” Experts from both organizations had a lively discussion on security and the fulfilment of basic human needs as the fundamental prerequisites for social inclusion, as well as on the need for the corporate sector to show a commitment to social issues.

More than 12,000 Allianz employees worldwide had taken part in the first Allianz World Run to mark the beginning of the partnership. In the period between May and the end of July, they covered a distance of 1.4 million kilometers to raise funds for SOS Children’s Villages, the equivalent of circling the globe 34 times, and raised EUR 600,000 that will be used to finance children’s village projects in twelve countries (Argentina, Austria, China, Colombia, Croatia, Germany, Indonesia, Ivory Coast, Luxembourg, Mexico, Syria, Thailand).

The Group set a new world record in connection with the Allianz World Run: “Longest distance covered by one team in 90 days”. Allianz World Run pictures from across the globe were also used to break the Guinness World RecordsTM for the “longest line of photographs” (8,470 images, 1,225 meters).

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