By: Guardrisk Insurance
On 1 November 2017, Guardrisk, a subsidiary of the JSE-listed, MMI Holdings Limited, acquired Marine Underwriting Managers from Mitre Risk Capital.
Marine Underwriting Managers is specialist one-stop insurance provider for cargo and hull cover.
According to Guardrisk Insurance MD, Richard Eales, “Marine Underwriting Managers is widely acknowledged as market innovators and experts, in the marine market; and their proven track record of service delivery fits Guardrisk’s strategic focus areas.”
“This acquisition is in line with Guardrisk’s strategy of building its underwriting capacity in niche markets and strengthens our underwriting capability in the corporate and commercial insurance market,” says Eales.
Marine Underwriting Managers will continue to be led by its MD, Hemraj Sewbalas, a doyen of the local marine insurance industry, with more than 35 years’ experience in this market.