New UMA Petrosure brings new products, unparalleled service to fuel and motor retail sector

Jabu Nkomo.

Irene Fortuin.

GENRIC Insurance buys stake in new UMA Petrosure.

Black-owned Petrosure Underwriting Managers (Pty) Ltd might be a brand new underwriting management agency (UMA), but the two people who engineered this speciality UMA that services the fuel and motor retail industries, are true veterans.

Irene Fortuin, Managing Director, and Jabu Nkomo, Executive Director, have collectively more than 55 years of experience in the financial services sector, with more than a decade of it spent in the fuel and motor retail insurance sector.

The duo also has vast experience on the reinsurance side of the business, bringing intimate knowledge of the market to the new UMA’s offering.

“Petrosure offers unique and innovative solutions exclusively focused on the fuel and motor retail industries with their very specialised needs,” Fortuin says.

Holistic solutions

Petrosure, whose products are underwritten by specialist short-term insurer, GENRIC Insurance, offers full commercial cover to petrol stations, motor dealerships, fitment centres, panelbeaters, wholesale fuel depots, tyre companies, and many more, insuring clients’ businesses from top to bottom.

The UMA’s offering includes holistic solutions with a strong emphasis on the superior quality products at a reasonable price, backed by exceptional service, sound risk management principles and prudent underwriting.

“It is important to note, too, that we have a strong relationship in fuel guarantees,” Nkomo adds.

In this lies Petrosure’s differentiation in an already-niche market.
“We bring years of experience to the industry, but also have products on offer that cannot be matched by any of our competitors,” Fortuin notes.

“We won’t stop there,” Nkomo adds. “We are in this business to offer an excellent value proposition for our brokers, their clients and all our stakeholders at large. We offer personal, instant and tailored services and products in answer to the very specific needs that exist.”

Good match for GENRIC

Petrosure’s offering is underwritten by GENRIC, and in line with the insurer’s philosophy to keep its family of UMAs closely aligned, GENRIC has also taken a strategic equity stake in the UMA.

“A better match for GENRIC we could not have found,” Cornel Schoeman, Chief Commercial Officer at GENRIC, says. “Irene and Jabu are very professional and highly regarded in their sector. They operate like a well-oiled machine and are completely in this to bring sound products, create real value and build strong business partnerships.”

Petrosure is a black-owned UMA, speaking directly to the Liquid Fuels Charter and showing GENRIC’s commitment to build a truly South African company.

“GENRIC is a truly South African company,” says Fortuin. “It understands the market totally, and truly believes and invests in the South African future that we believe in.”