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Compass acquires a shareholding in CIA

04 March 2015 Compass
Paul Carragher, Managing Director of Compass

Paul Carragher, Managing Director of Compass

Compass Insurance Company Limited (“Compass”) has announced that it recently acquired a majority shareholding in its Underwriting Manager and Business Partner, Commercial & Industrial Acceptances (“CIA”), effective 1 January 2015.

CIA is a multi-award winning Underwriting Management Agency, specialising in building insurance, and has been underwriting on behalf of Compass since 2000.

Paul Carragher , Managing Director of Compass says that  “CIA is the leading player in the niche area of building insurance. Compass and CIA have worked together closely for 15 years as business partners and we are very excited to further enhance our business relationship with CIA through our shareholding.”

Andre de Waal, Managing Director of CIA said that “We are very pleased to have Compass as a shareholder, and are very excited about the opportunities going forward.”

Carragher and de Waal both emphasised that it’s “business as usual” for CIA, and that CIA will continue to set the benchmark in the market for innovative insurance solutions and exceptional service, and will continue to be the market leader in the niche area of building insurance through on-going research and development of new products, cover and benefits for   residential, commercial and industrial property owners and especially for the more complex needs of sectional title developments.

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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