CargoTransit Insurance joins Compass Insurance stable

Compass Insurance Company Limited (“Compass Insurance”), the specialist insurer in the South African market, has announced that CargoTransit Insurance Underwriting Managers (Pty) Limited (“CTI”) will be joining its stable of underwriting management agenci

CTI specialises in marine cargo and transit insurance cover and has the ability to tailor make solutions for clients to address their specific needs in these areas. CTI, is owned by Lireas Holdings and Peter Moodley, and was started in 2010. CTI will replace First Marine Acceptances (FMA) as the marine agency in Compass Insurance’s stable of underwriters.

“CTI is accredited with most of the major brokers in South Africa and we are excited about having an agency with such large growth potential join our stable,” says Paul Carragher, Managing Director of Compass Insurance. “It is also an opportunity for Compass to support an entrepreneur and assist in growing his business within the insurance sector.”

He says that CTI meets all Compass Insurance’s strict selection criteria for new agencies. “We do a thorough assessment of key individuals in our agency partners as well as a detailed analysis of the niches and policy wordings to ensure that we are comfortable that we can add value and are a good match”

CTI Managing Director, Peter Moodley says, “we are excited to now be underwriting for Compass Insurance. Our brokers are very pleased about the security and support that Compass Insurance offers to ensure continuity, long term relationships and opportunity for growth of our business.”

Compass Insurance has a claims paying ability rating of A+ (single A plus) affirmed by Global Credit Ratings (GCR), Africa’s leading emerging market focused rating agency.