New CEO and new name for short term insurer

Randburg-based independent short term insurer Resolution Insurance Company Ltd (RICL) has announced the appointment of a new Chief Executive Officer, MC du Toit. A Chartered Accountant with B Accounting and B Com Accounting (honours) degrees, du Toit ha

The appointment was made by the board in support of its strategy to capitalise on the excellent results the company has achieved during the last five consecutive years. Du Toit says the company has since its inception attained a reputation for providing niche insurance solutions in a dynamic and innovative manner. He adds that his appointment will be geared at improving these already outstanding results.

“Our more than adequate solvency margin of 78% in 2011 has improved to 100.2% for the 12 months ending June 2012. RICL’s investment income grew by 44% despite the decline in the repo rate. This resulted in an improvement in an already strong balance sheet for the company,” says du Toit.

RICL is known throughout the market for using only A-rated reinsurers to protect its net capital. Attention to managing and maintaining the average claims ratio has seen the claims loss ratio drop from 64% in 2011 to 49% this year as a result of conservative underwriting and the deployment of claims mitigating tools that have yielded good results

Du Toit has already set a very ambitious growth strategy. “We have plans in place to ensure that operational and underwriting targets set for the year ahead will be achieved, strengthening the company’s platform and potential for growth as well as the creation of new business opportunities.”

One of the first realignments taken by the new CEO to support this strategy is a complete rebranding of the company to make the brand more inclusive of new goals and objectives. “The new brand GENRIC Insurance Limited, subject to Registrar’s approval, will assist us to achieve our longer term objectives and build on the sound base already established.”

Du Toit is supported in these endeavours by the newly reconstituted board of directors comprising of Hendrick Kekana, Desiree Kikomba, Nick de Villiers, Erwin Lehmann and Rudi Hasert.