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Natsure launched Specie in South Africa!

19 July 2016 Natsure

Natsure (Pty) Ltd is very excited to announce that from 1 July 2016 they will be writing Specie Insurance through their marine division, Universal Marine.

Universal Marine is a specialist Marine Underwriter focused on marine cargo. The new specie binder will be a great value add to the current product bouquet. The specie product includes fine art, jewellery, precious metals and/ or stones, furs and any other item of rarity.

The specie market in South Africa is a very exclusive and very specialized market, however there are great opportunities to enter this market as well as to grow the footprint into Africa by offering specie into specific territories in Africa, says Natsure Executive Director, Tersia Davey.

Specie worldwide is a much specialised market however the value in underwriting of specie lies in the fact that underwriters must understand the value captured in rarity and individual values of an insured item. Understanding your market which includes supplier, sellers and owners of these valuable items, is crucial to the understanding of the risk and the underlying rates quoted, says Elesh Bisla, Managing Director Universal Marine.

South Africa is known for its mining industries and beautiful precious stones produced from the very active mining community, and specie insurance plays a very important role in providing goods and transit insurance and all risk cover for the protection of these assets.
Universal Marine is very excited about this new line of business with the large capacities, cover and scope provided by Certain Underwriters at Lloyd’s, London (100 % underwritten by MS Amlin Underwriting Limited.) Natsure already has a very strong relationship with MS Amlin through two of their divisions Airspace Africa, writing aviation and Professional Risk Africa Underwriters, writing General Public Liability and Professional Indemnity through them.

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