Admirable partnership for Centriq and Admiral
Centriq Insurance has awarded Admiral Underwriting Group (Admiral), the underwriting agency for two major components of business: their personal lines product portfolio, U-Nique, targeting high net worth individuals, and a general broadform Liabilities product portfolio. The U-Nique and Liabilities products are existing offerings. Both products are distributed through brokers: U-Nique targets the smaller to medium independent brokers, whilst the liabilities products are distributed particularly through brokers with national representation such as Alexander Forbes, Glenrand MIB, Marsh, Aon and Willis.
Established in 1977, Admiral is the oldest underwriting agency in South Africa. Initially focused purely on Professional Indemnity Insurance, Admiral has broadened its expertise over three decades to include claims and underwriting services in a range of areas such as Commercial (Affinity) insurance; Esurance; Fidelity Guarantee; Fund Managers; Medical Aid Scheme Trustees; Medical Malpractice; Motor Fleet; Personal Lines; Retirement Fund Trustees, and a selection of innovative non-conventional cell captive products, through its division Artworx.
Karen Miller, Head of Volume Business at Centriq says: "This partnership strengthens our existing association with Admiral. The expanded relationship is a reflection of Admirals recognition of the expertise and value-added offering which we provide."
Miller adds: "he Liabilities portfolio moves to Centriq after 30 years with Lloyds, so we are particularly gratified with this agreement and Admirals confidence in our capabilities. Our shared business goals and Admirals appreciation of our empowered UMA model provide good ground to forge a strategic partnership which will sustain over the long term."
Admiral Group CEO, Andrew Packman, says: "Our decision to strengthen ties with Centriq recognises the fact that Centriq is one of the most exciting new insurance brands to hit the local market in decades. Centriq is born of quality parents and I predict that it will quickly eclipse many of its rivals through its new age thinking, which is based on true partnership concepts that recognise the value of freedom of association versus the old fear-based model of forced association, which is slowly breaking down elsewhere. I believe that this new partnership brings a solid mix of the new and the substance of the old to our supporting broker clients and insureds."
He adds: 'I have learned over time, that with the right team of people, good values which are lived-- not just spoken about, and an idea of where you want to go, there is no mountain which cannot be climbed. Our "people first" philosophy at Admiral has been the key to our success and we know that with continued focus on people we will grow from strength to strength."
Personal Lines Manager (U-Nique), Drew Schnehage, says: "High net worth individuals are looking for a combination of the dependability of secure insurers with a freshness that appreciates their dynamic, ever-changing lifestyles and that is what we believe we have delivered in this new partnership with Centriq: a solid pedigree with a unique approach. We are comfortable that the passion and excitement which we share with Centriq will quickly permeate through our products and services to our brokers and insureds."
Head of Liabilities, Nicky Eveleigh comments: "The decision to leave Lloyd's, after so many years, was not taken lightly. It has been our experience however that brokers are happier with local facilities where they feel they have better access and stronger relationships. Admiral is a South African business, which believes in the future of this country. By bringing this R90m of premium onshore we have effectively reduced South Africas invisible imports, thereby improving our balance of payments and at the same time creating additional job opportunities for South Africans. Our liability offering loses nothing but gains much in this move, retaining very high security and the ability to issue hard currency policies throughout sub-Saharan Africa."
Miller concludes: "There are strong synergies between Admiral and Centriq's strategies and our joint commitment to BEE further substantiates the partnership. We believe that the strategic nature of the business model differentiates Admiral's approach to business and distinguishes them from their peers."
