Strategic Developments for Synergy Targeted Risk Solutions and Envirosure Underwriting Managers

Synergy Targeted Risk Solutions and Envirosure Underwriting Managers are proud to inform their valued stakeholders of the conclusion of a strategic partnership which will be followed by the acquisition of Synergy Targeted Risk Solutions by Envirosure Underwriting Managers. This transaction takes effect on 1 August 2014.

Envirosure Underwriting Managers will purchase the entire shareholding of Synergy Targeted Risk Solutions on 1 August 2014, creating a larger and stronger business for current and future clients of the two companies.

Peter Hodgson and Sjanine Tanner, the current Managing Directors of Synergy and Envirosure respectively, are excited about this development and look forward to working together in the combined business which has come about through their respective pursuits to continuously innovate and develop more specialised and wider product offerings for their clients.

In order to unlock the synergies and enhance the specialisation in the two businesses, management will realign the product portfolios of the two companies as follows:

1. Pollution Liability Products- Synergy and Envirosure will combine their Pollution Liability portfolios, resulting in a migration of the old Synergy policies to Envirosure. This will not result in any changes in the risk carrier, terms and/or conditions in the policies currently administered by Synergy Targeted Risk Solutions.

2. General Liability Products- All of Synergy’s existing General Liability policies will be transferred to a separate and newly formed company, named Synergy XOL (Pty) Ltd. on the same terms and conditions as was applicable under Synergy Targeted Risk Solutions. Going forward, the new company, Synergy XOL, will specialise in non-proportional liability covers. Synergy XOL’s products will be underwritten and administered by Peter Hodgson and Amanda Davis on behalf of Compass Insurance Company.

The Johannesburg branch of the merged business will operate from the existing Synergy offices in Glenanda Johannesburg under the Envirosure Underwriting Managers brand from the 1st of August 2014. The head office of Envirosure will remain in Durban.

All the Synergy staff will be integrated into Envirosure with Peter and Amanda assuming the role of consultants to the merged business. They will also run the newly formed Synergy XOL from the same premises.

As shareholders in both the combined Envirosure Underwriting Managers business and Synergy XOL, Lireas Holdings, a strategic Investment company for Hannover Re Africa Group, has expressed their excitement with the transaction which in no doubt has created a larger and more formidable pollution and environmental liability specialist.