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GENRIC Insurance buys majority stakes in critical UMAs in drive to become substantial service provider

23 July 2014 Genric
MC du Toit, Chief Executive of GENRIC

MC du Toit, Chief Executive of GENRIC

Additional contributions to an RA provide opportunities for astute estate duty and financial planning.

The niche short-term insurer, which is backed by A-rated reinsurance companies, has bought all the shares in its following UMAs: Polygon Underwriting Agency; Sirago Underwriting Managers; Quantum Liability Underwriting Managers; and Lynx Transit Underwriting Managers. GENRIC also holds a stake in new aviation UMA, Planesure Underwriting Managers.

“GENRIC is set to become a substantial insurance player in the South African market,” MC du Toit, Chief Executive of GENRIC, says. “We are making great strides towards strengthening our balance sheet. Bringing these UMAs closer to us, means that we are even more closely aligned in ethos and practice to benefit our clients.” 

Since GENRIC started with its expansion last year, the company has registered considerable growth. Turnover has increased by 40% for two consecutive years, a growth trend that GENRIC is set to continue. 

Widening of products on offer 

The insurer has also in the past year expanded its product offering. In typical GENRIC style of innovation, some of these products are the first of their kind in the South African market. 

One example of this is the unique Dealer Assist policy, which insures motor dealerships against actions brought by customers under the Consumer Protection Act. GENRIC underwrites the policy through its UMA, Quantum Liability Underwriters. 

Another new suite of products launched by GENRIC in the past year, which is in keeping with its rapid expansion, is its automotive products. GENRIC can now offer brokers and their clients policies that are designed exclusively with the car owner in mind. 

GENRIC also expanded on its rental guarantee policy by offering great-value insurance to landlords of residential and commercial properties, be it a single property or a group of properties. 

And most recently GENRIC launched another new UMA, Planesure, a niche UMA in the general aviation space. Planesure enters a sphere of the market where limited insurance is available for clients with general aviation needs – that is, clients with aircraft that have 30 seats or less. 

GENRIC has landed

To support the product expansion, GENRIC has also made a number of strategic appointments of veterans within their specific sectors. Among these are the appointments of Charmayne Ditchfield and Jamie Illing, both renowned in their fields of automotive and aviation respectively. 

“GENRIC has landed,” Du Toit says. “We’re here, we’re open for business. We’re serious. We continue to fine tune what we have and expand into what the market needs and what makes financial sense. Now we have the balance sheet to back up our growth aspirations, to become a critical one-stop shop for brokers and their clients, but also a place where we know our brokers and their clients by their names and by their very precise risk needs.” 

GENRIC is set to make further equity acquisitions in critical UMAs, Du Toit adds. 

“We are building our strength to become one of South Africa’s preferred insurance brands,” he says.

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