International specialty reinsurance MGA Rokstone has secured an insurance agent license authorizing the company to underwrite business in Africa directly.
In an announcement made through a statement sent to newsrooms, the company which is part of the Aventum Group said it had secured the license from the Financial Services Commission (FSC) in Mauritius where it has now set an office.
According to the statement, Rokstone will initially underwrite political violence and terrorism and property business from Mauritius. However, the company expects to offer financial lines later in the year.
Rokstone is one of the world’s largest MGAs, with offices in the US, UK, Europe, Asia, Africa and the Middle East.
Gross written premium
Currently, Rokstone underwrites $500 million in gross written premium in several specialty lines, including marine, terrorism and political violence, direct and facultative property, property treaty, construction and engineering, marine cargo, and liability.
The company’s political violence and terrorism facility has S&P A-rated capacity from Lloyd’s Syndicates with capacity of $100 million per risk.
The cover reflects current and emerging terrorist threats, with emphasis on crisis management, victim support and rehabilitation.
Geographic presence
According to Vinaye Seebaluck, the company’s director and head of underwriting, Rokstone will continue to grow their geographic presence and diversify its specialty product range.
Seebaluck added that Rokstone expects to be underwriting close to US$8 million in premium before the end of this year.
“Having boots firmly in the ground in the region means we can better serve our clients with a fast, responsive local service and unbeatable cover. We have strong growth targets in the region and expect to be underwriting US$8 million in premium before the end of the year,” said Seebaluck.
Brokers’ time safety
According to Seebaluck, having a local license in Mauritius will save their brokers in Africa valuable time, as they don’t need to go through a Lloyd’s broker and wait for the risk to be passed around the market.
With Rokstone’s extensive capacity of US$100 million per risk for terrorism and political violence, Seebaluck noted that the company will provide a one-stop-shop to its producers.
Also Read: How decline in economic output has increased Africa’s risk of debt defaults
“Our specialist knowledge, use of technology and approach to underwriting also means we can provide broader, more relevant cover that’s cheaper and quicker to secure than anywhere else. We’re delighted to secure strong capacity for the product – testament to the confidence that carriers have in our expertise and knowledge of this market,” said Seebaluck.
Seebaluck and Avinash Seebhujun, the executive director and head of compliance are the ones that will be managing the Mauritius office.
Seebaluck has more than 18 years of experience in reinsurance, heading up special risks and political violence portfolios for several large local companies, including Jubilee Insurance (Mauritius), AXA Africa Specialty Risks and Swan Insurance.
Avinash has over 12 years of legal and compliance experience in several sectors including (re)insurance, banking, leasing and financial services.
He has worked at Rand Merchant Bank based in South Africa and AXA Africa Specialty Risks before joining Rokstone.
Also Read: DP World expands its logistics and supply chain offering in Africa
The Rokstone Group is now actively recruiting to add additional specialist underwriters to grow the Mauritius team in line with expected growth.
