In 2014, Emerald Africa embarked on an international expansion programme which eventually extended into the Central and South East Asian, and Middle East emerging market territories. After small beginnings in 2014, Emerald Africa’s reputation grew and we saw significant growth in premium from across the region.
A persistent challenge in developing this portfolio has been our inability to align sustainable and cost-effective reinsurance capacity with our business strategy in the region. The 2021 reinsurance renewal season resulted in considerably firmer terms for insurers, and also saw a contraction of capacity for entities such as Emerald Africa writing inwards facultative reinsurance from outside their perceived domestic geographic region. For Emerald Africa that is understood to be the continent of Africa including the Indian Ocean Islands, not Asia or the Middle East.
Emerald Africa is a leading provider of corporate property insurance capacity on the African continent. Given the meaningful opportunities for Emerald Africa to participate in and build on the Sanlam Group’s dominant position across the African continent, we have decided to focus our expertise, capacity and market knowledge exclusively on the African continent and Indian Ocean Islands for the time being.
Consequently, we will no longer be accepting new or renewed risks on our international portfolio with effect from 1 January 2021. All risks bound on 1 January 2021 and prior will be run off to expiry.
All endorsements, credit control, and claims relating to policies in runoff will be dealt with by your existing Emerald Africa contacts for the immediate future, and any changes to this will be communicated in due course.
We would like to take this opportunity of thanking all of our intermediaries and cedents for the support we have received over the past seven years, and we wish all every success for the future.
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