Seen at the 5 year celebration of ACE Insurance are(l to r) Richard Pryce, Regional President, ACE UK; ACE's first customer in South Africa, Stuart Johnstone, Managing Director Unison Risk Management Alliance (Pty) Ltd, John Hawksley, General Manager Massmart Holdings Limited and Mike Durek CEO ACE Insurance Limited South Africa.
Proving that there is always room for innovation, even in heavily competed markets, ACE Insurance South Africa has celebrated five years of success in South Africa. With its focus on identifying niche opportunities in the market and developing tailored insurance solutions to cover these risks, the company has achieved sound growth and is now ready to augment organic expansion with acquisition activity.
That’s according to Mike Durek, who has served as CEO of the local arm of the international insurer since 2008. “We’ve grown the local business to some R320-million per annum in premium revenues on the back of targeted solutions for very specific sectors of the market. Central to this growth has been our focus on employing the best staff, looking after customers and brokers and a policy of no-nonsense payment of claims.”
Durek says ACE in South Africa is predominantly active in Property and Casualty and Accident and Health. Solutions include Casualty, Directors and Officers Liability, Professional Indemnity and Commercial Crime; and Corporate Group Personal Accident, Corporate and Leisure Travel.
The toughest part of establishing the company is behind it, Durek says. “Building a brand in a crowded marketplace is not easy. However, ACE has reached critical mass and the reputation of the company continues to grow.”
He notes that the international standing of the company, which was founded in Bermuda in 1985, has stood the local operation in good stead. “That’s especially true for our corporate target market; multinationals know the company through its worldwide presence, which has helped with local brand recognition.”
In these uncertain times, Durek adds that the global holding company for ACE Insurance, ACE Group, enjoys an AA- rating from Standard & Poors while the local entity holds an A+.
As the South African operation looks to the future, Durek says it will adhere to its core business principles of underwriting professionally and paying claims promptly. “For the first time, we will also be looking to accelerate growth in this market through targeted acquisitions in addition to the organic growth which has propelled the company to its present position. This market remains highly competitive, but with a solid value proposition and careful positioning of insurance solutions relevant to our clients, there remains much potential for ACE to steepen its growth trajectory in the years ahead.”
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