Bryte Insurance, formerly Zurich South Africa, has affirmed its persistence to performing in Africa.
The rebranding employs Switzerland’s Zurich Insurance Group sold its Southern Africa operations to Canada-based Fairfax Financial Holdings in December 2016. ?
Prior towards the sale Zurich, that is reshaping its geographic footprint, questioned whether or not this was “best placed for hosting the South African assets”. But it surely appears how the Toronto Stock Exchange-listed Fairfax, through Bryte, does not have any such concerns. ??
Edwyn O’Neill, CEO of Bryte Africa, affirmed the insurer’s appetite for doing work about the continent.
For now, the firm will target the rebranding all of which will likely announce plans with specific targets to flourish its operations just outside of Africa and Botswana in around a year’s time, he explained.
“The rebranding, transforming and transitioning of our own industry is critical above the next 12 months. There are lots of systems and procedures we’ve to your workplace on to become a standalone business and we’re committing to them these days,” he explained.
It currently is purchasing new technology so as to phase out many of the Zurich systems currently active and to meet its needs as it seeks opportunities for growth.
Following the rebranding O’Neill claimed it would “up the focus” on its specialist lines, which comprise the majority of its business. Such lines include engineering, marine, specialist motor, hospitality, gem and jewel and property. ?
Bryte continue to jog for a standalone business that approaches risk with purpose, regardless of the improvement in ownership.
He said Fairfax’s model – that it functions being a holding company, provides support where necessary and allows every one of its subsidiaries to act independently under their particular brands – would extend to the Southern Africa operations.
“It is business as usual for folks. All existing procurement, distribution and policyholder contracts stay in force and many types of claims should be handled normally. It’s only a name change,” he was quoted saying.
O’Neill added that Fairfax’s interest in the continent is clear via an initial public offering (IPO) and $500 million capital raise by Fairfax Africa. ?
The group announced the Toronto listing of Fairfax’s African investment fund in mid-February. Concurrent towards listing, Fairfax Africa acquired a 42.2% indirect stake in agriculture and food processing company AFGRI.
“Its investment objective would be to achieve long-term capital appreciation, while preserving capital, by investing in private and public equity securities and debt instruments of African businesses and also other businesses with customers, suppliers or business primarily conducted in, or depending on, Africa,” the gang said of Fairfax Africa’s scope.
Bloomberg reports that affinity for Fairfax Africa failed to meet expectations since the group was wanting to raise about $1 billion in the IPO. ?
It said the insurer raised above $1 billion in the only other region-specific public fund, administered by Fairfax India Holdings.
O’Neill said the Africa fund presents comparable possibility to the India fund and that it will grow with time as opportunities in Africa materialise.
