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Compass wishes MUA well

10 October 2013 Compass

Reconfirms commitment to niche specialty insurance market

Compass Insurance Company Limited ("Compass Insurance”), the specialist insurer in the South African market, has announced that MUA Insurance Acceptances ("MUA”), its High Net Worth underwriting manager, is leaving its stable to join Telesure Investment Holdings (Pty) Ltd effective 01 January 2014.

 

MUA specialises in tailoring insurance risk management solutions for the High Net Worth short-term personal lines market.

 

According to Paul Carragher, Managing Director of Compass Insurance, Compass and MUA have enjoyed a successful business partnership since 2009. He says the highly competitive personal lines market, together with its ongoing technological developments, made Compass and MUA decide that MUA would be better suited to partner with a specialist personal lines insurer in the South African market.

 

"Telesure offers a highly sophisticated personal lines platform that benefits the MUA business model and its clients.”

 

Carragher adds that Compass is more geared towards the niche specialty insurance offerings. "The MUA move enables Compass to focus more fully on growing its business by expanding and exploring further opportunities in other niche specialist areas.”

 

Compass wishes MUA all the best for their new partnership, concludes Carragher.

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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