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Transit Underwriting Managers absorbs UMA to offer marine insurance

20 November 2012 Compass Insurance
Valerie Hayter, Managing Director of Lireas Holdings

Valerie Hayter, Managing Director of Lireas Holdings

Transit Underwriting Managers Pty Ltd (“Transit”) has announced its intention to extend its current Goods in Transit offering to a more comprehensive and wider Transit and Marine product offering and capacity.

Phillip Rentschler, Managing Director of Transit, says in order for the marine product offering and additional capacity to be available immediately, the company decided to partner with its sister company Cargo Transit Insurance Underwriting Managers Pty Ltd (“CTI”). “This has enabled Transit to make the existing Marine product under CTI available with effect from 1 November 2012. This also provides an opportunity for CTI’s existing clients to access the Goods in transit expertise and services that are available within Transit.”

This move has resulted in the book of business, operations and staff of CTI being absorbed into Transit with effect from 1 November 2012.

Valerie Hayter, Managing Director of Lireas Holdings, a major shareholder in both Transit and CTI, says the company is also excited about this development. “The combination of Transit and CTI under one roof makes strategic sense as there are already a number of synergies between the two companies. This move now combines the expertise available within the two businesses and allows the combined entity to provide cross-selling opportunities.”

The portfolio transfer does not result in a change of risk carrier as Transit and CTI both underwrite for and on behalf of Compass Insurance Company Limited (“Compass”). Compass has enabled a smooth and seamless migration of policies to Transit, eliminating the usually complicated and protracted processes involved in moving books of business.

Rentschler notes that the head office of the business will remain at the existing offices of Transit in Cape Town with the Marine and Transit full product offering and services available from all the branches and marketing offices of Transit countrywide.

The Marine team will continue to provide expert and efficient service on the Marine portfolio out of the existing office in Helderkruin, Johannesburg, which effectively becomes the Johannesburg branch of Transit. This team will report into Rentschler, himself an experienced and well known marine underwriter.

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