Centriq, South Africa's first black empowered risk finance insurance group officially announced their underwriting partnership with Coverit Insurance Underwriting Managers in Johannesburg today.
Coverit underwrites the engineering and construction sector and provides a broad range of products, with specific focus on niches such as mining and infrastructure development. Also in their sights is annuity business, particularly Machinery Breakdown and Business Interruption covers.
"We are pleased with the partnership," says Centriq CEO, Michael Blain, adding that the affiliation will provide brokers across the country with access to a new niche market. "Brokers now have someone to turn to when they need superior technical advice on the placement of often complex engineering risks," notes Blain. The partnership could therefore not have come at a better time, seeing that this particular sector of the market is currently experiencing unparalleled growth as a result of the construction boom.
Both organisations share the same synergy, methodologies and ideologies, which can only enhance business quality and excellence at the end of the day. "We have the same views on risk, exposure and business in general and believe in profitable business underwriting and development as opposed to simple premium generation only too prevalent in the industry these days," confirms Centriq Business Development Executive Martin Le Roux.
Coverit's high level of technical skill and capability within the group was of course another draw card for Centriq. Coverit's three business principals, Jan van der Vlugt, Derrick Werner and Peter Rickman bring more than 100 years experience in the insurance and engineering insurance sectors to the table. "The skill, experience and qualifications of individual team members will support their aim for a meaningful market share," accentuates Le Roux.
Centriq's underwriting management model entails mutual benefit and empowerment. "We treat our business partners accordingly, allowing them the freedom to operate without any undue interference from our side," says Le Roux. Centriq's other underwriting management relationships include a broad spectrum of specialised insurance segments such as specialised liability, agricultural insurance, excess buy down cover, financial lines liability products (including directors and officers, employment practice liabilities, pension fund trustees and related products), professional indemnity cover, specialist motor and commercial as well as high net worth personal lines.
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