Aquarius offering PII in South Africa on Zurich paper

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Zurich’s South African operation has not been performing well recently. Indeed, in the six months to June this year, it turned in an underwriting loss of R11.6m and saw its net premium income fall by 17%. However, as reported on fm.co.za, there are signs that things could be looking up. For a start, a streamlining exercise that resulted in a 33% reduction in administrative and other operating costs did mean that the business was able to turn a R42.6m loss to shareholders into a R37m profit.

And there are moves on the marketing front too. The company aims to leverage the expertise and the balance sheet of the Zurich group more effectively in order to play a bigger part in the large corporate market. And it also plans to increase its involvement with underwriting managing agents, following on from a deal done last December that has seen Aquarius Underwriting Managers issuing professional indemnity insurance and related liability products on Zurich paper.