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SA's best performing underwriting management agencies announced at Annual Awards

30 October 2013 Paul Carragher, Compass

Some of South Africa’s leading underwriting management agencies (UMAs) were honoured on 18 October at the annual Stars industry event, hosted by Compass Insurance Company Limited (“Compass Insurance”), celebrating the best of the local insurance underwriting management industry.

According to Paul Carragher, Managing Director of Compass Insurance, against a background in which the insurance industry has become increasingly competitive in recent years, the specialist expertise offered by those operating in the underwriting sector has ensured that niche insurance products have remained not only relevant but, arguably, essential.

"We have seen continued demand for the more technical and specialist underwriters, as well as those that are constantly innovating to ensure they stay ahead of the game. Our partners pride themselves on maintaining a reputation for excellence by offering unrivalled service as well as tailored offerings to their customers.”

Carragher says there are two awards categories at the Stars event. The winners for this year were as follows:

Combined ratio award category - the agencies with the lowest combined ratio for the past 3 years 2010 – 2012:

Greater than R50 million GWP

Winner – Firedart & Construction Guarantee (specialist engineering and guarantee underwriter)

Less than R50million GWP

Winner – Synergy Targeted Risk Solutions (specialist UMA offering environmental / pollution clean-up costs for the spill of hazardous chemicals on land)


Loss ratio award category - the agencies with the lowest loss ratio for the past 3 years 2010 – 2012

Greater than R50 million GWP

Winner – Firedart & Construction Guarantee

Less than R50 million GWP

Winner – Film & Entertainment Underwriters SA (specialist UMA providing cover to the film industry for the production of television and film commercials)

"Through these annual awards, we are able to measure the ongoing success of our UMA partners as well as to reward and foster innovation and excellence,” concludes Carragher.
 


 
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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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