THE LEADING ENGINEERING UNDERWRITER
OPERATING IN CONTINENTAL AFRICA, THE INDIAN & ATLANTIC OCEAN ISLANDS, THE MIDDLE EAST, INDIA AND THE SUB-CONTINENT, CENTRAL AND SOUTH EAST ASIA
Mirabilis Overview Mirabilis Engineering Underwriting Managers was founded in 2006. The Company is based in Johannesburg, South Africa, with branches in Bangkok, Cape Town and Durban. Mirabilis provides a range of engineering solutions in continental Africa, the Indian and Atlantic Ocean Islands, the Middle East, India and the sub-continent, Central and South-East Asia. Our mission is to be the preferred and trusted provider of specialist engineering insurance in Africa and selected international markets.
History
6
0 20
Mirabilis founded
1
1 20
Mirabilis acquires Construction Engineering Underwriting (CEU) division from Santam
1
1 20
Mirabilis commences underwriting for Santam Limited
1
1 20
Santam acquires a shareholding in Mirabilis
4
1 20
Mirabilis expands its scope outside Africa to international territories in the Middle East, India and South East Asia
7
1 20
S&P A rated security via agreement with Munich Re of Africa
Engineering Solutions The Mirabilis team of experienced engineering insurance specialists includes qualified engineers with practical experience, in-depth expertise, understanding of engineering risks and reinsurance requirements. Accompanied by our international panel of Reinsurers, Mirabilis offers solid security for engineering risks and substantial capacity in our acceptances. Mirabilis offers flexible, structured and packaged products at competitive rates. Our services include risk management surveys and accredited specialist product training. In the South African market we operate as a direct underwriter servicing over 1 600 brokers. We accept facultative reinsurance placements from outside of South Africa in accordance with local market legislation and regulation. We also accommodate various risk transfer mechanisms, reinsurance proceeds arrangements, loss payee facilities and LEG Lenders Clauses. Value Added Services: • • • • •
Reinsurance options knowledge and support Technical assistance to brokers and their clients Structured alternatives providing competitive pricing Practical risk management proposals to reduce risk and insurance cost Seamless Project Insurance
Social Responsibility Mirabilis actively contributes to global development of quality insurance and risk management practice through memberships via Santam on Principles for Sustainable Insurance (www.unepfi.org/psi/), ClimateWise (www.cisl.cam.ac.uk/businessaction/sustainable-finance/climatewise) and SuRe – The Standard for Sustainable and Resilient Infrastructure (www.gib-foundation.org/sure-standard).
International Territorial Scope Risks situated in the Middle East, India and the sub-continent, Central and South-East Asia. Risk capacity of US$20 million on a Probable Maximum Loss (PML) basis. Country
Region
Country
Region
Afghanistan
Central Asia
Bhutan
Indian Sub-continent
Kazakhstan
Central Asia
India
Indian Sub-continent
Tajikistan
Central Asia
Maldives
Indian Sub-continent
Turkmenistan
Central Asia
Nepal
Indian Sub-continent
Uzbekistan
Central Asia
Pakistan
Indian Sub-continent
Baharain
Middle East
Sri Lanka
Indian Sub-continent
Iraq
Middle East
Laos
South-East Asia
Israel
Middle East
Indonesia
South-East Asia
Jordan
Middle East
Malaysia
South-East Asia
Kuwait
Middle East
Philippines
South-East Asia
Lebanon
Middle East
Brunei
South-East Asia
Oman
Middle East
Burma (Mynmar)
South-East Asia
Qatar
Middle East
Cambodia
South-East Asia South-East Asia
Turkey
Middle East
East Timor
Saudi Arabia
Middle East
Singapore
South-East Asia
Syria
Middle East
South Korea
South-East Asia
UAE
Middle East
Taiwan
South-East Asia
Yemen
Middle East
Thailand
South-East Asia
Bangladesh
Indian Sub-continent
Vietnam
South-East Asia
Insurance Solutions • Contractors’ All Risks Insurance (CAR) • Erection All Risks Insurance (EAR) • Advance Loss of Profits Insurance (ALOP)
Africa Territorial Scope Risks situated on the continent of Africa, and the Indian and Atlantic Ocean islands. Risk capacity of US$ 114 million on a Probable Maximum Loss (PML) basis.
Insurance Solutions • Contractors’ All Risks Insurance (CAR) • Erection All Risks Insurance (EAR) • Advance Loss of Profits Insurance (ALOP) • Contractors’ Plant and Equipment Insurance (CPE) • Machinery Breakdown Insurance (MB) • Loss of Profits following Machinery Breakdown Insurance (MLOP) • Deterioration of Stock Insurance (DOS) • Electronic Equipment Insurance (EEI) • Business interruption following Electronic Equipment Insurance (EEI BI) • Civil Engineering Completed Risks (CECR) Insurance • Seamless Project Insurance
Group Structure & Shareholding Sanlam Limited Sanlam was established in 1918 and is one of the largest financial services groups in South Africa. Santam and Sanlam Emerging Markets are two companies within the Sanlam Group. Santam Limited Santam is listed on the Johannesburg Stock Exchange (JSE) and is the leading general insurer in South Africa. Santam serves 1 million policy holders who range from individuals, commercial, specialist business owners and institutions. Santam specialises in short-term insurance products for a diversified market in South Africa an in collaboration with Santam Emerging Markets elsewhere in Africa, Malaysia and India. Sanlam Emerging Markets Sanlam Emerging Markets is a subsidiary of Sanlam and is responsible for Sanlam’s financial business services (life insurance, general insurance, banking, retail credit, health, bancassurance and asset management) in emerging markets outside of South Africa. Santam Re Santam Re was formed in 2010 as a division of Santam Limited and is an established reinsurer building on long-term partnerships across Africa, the Indian sub-continent, the Middle East including Israel and Turkey, South-East Asia and China. Mirabilis Engineering Underwriting Managers Mirabilis is a subsidiary of Santam.
Sanlam Emerging Markets (SEM)
Specialist Business
re
Group Structure and Shareholding
Credit Rating Santam has entered into an agreement with leading reinsurer Munich Reinsurance Company of Africa Limited (MRoA) in terms of which selected Santam business units will be able to use the MRoA’s Standard & Poor (“S&P”) AA- credit rating to write inwards international reinsurance business. The transaction supports Santam’s strategy to profitably grow its insurance and reinsurance business flows from outside South Africa, with a particular focus on business from the rest of Africa, India and Asia. Munich Re of Africa has an international AA- S&P rating as it benefits from a parental guarantee issued by its parent company, Münchener Rückversicherungs-Gesellschaft based in Munich. Santam’s international counterparty credit and insurer financial strength rating was adjusted from A- to BBB+ by S&P in 2014, as a result of the rating agency’s sovereign downgrade of South Africa. The revised rating was a reflection of S&P’s view on the country and was not driven by any change in the financial performance of Santam. S&P views Santam's risk culture as positive, as it has been fully embedded across the business and is supported by an extensive risk appetite framework and effective risk governance.
SANTAM LIMITED Santam is the leading general insurer in South Africa with a market share of more than 22%. We provide a diverse range of general insurance products and services in southern Africa and internationally through a network of 2 700 intermediaries and direct channels. Santam has grown its international footprint to include Botswana, Malawi, Namibia, Zambia, Zimbabwe, Kenya, Tanzania, Rwanda, Uganda, Nigeria, Ghana, India and Malaysia. The recent acquisition of a 30% interest in the Saham Finances Group (Santam 25% and Sanlam Emerging Markets 75%) extends the Group’s footprint to 31 countries to include Francophone Africa, Angola, Morocco and Lebanon. In the first half of 2017, we settled claims worth R8.8 billion overall. Santam shareholding in Africa and Asia through Sanlam Emerging Markets (SEM) include: AFRICA: Country
Company
Botswana
Botswana Insurance Holdings Ltd
Kenya
Sanlam Kenya
Malawi
NICO Holdings
Mozambique
Sanlam Serguro de Vida
Namibia
Sanlam Namibia
Nigeria
FBN Insurance
Rwanda
Soras Insurance General
Tanzania
Sanlam General Insurance
Uganda
Sanlam General Insurance
Zambia
NICO Insurance Zambia
Zimbabwe
Zimnat General Insurance
INTERNATIONAL: Country
Company
India
Shriram General
Malaysia
Pacific & Orient
Santam Financial Review Gross results for the years ended December 2011 to December 2016: 2011 R’m
2012 R’m
2013 R’m
2014 R’m
2015 R’m
2016 R’m
Gross Written Premium
17 707
19 386
20 631
22 710
24 319
25 909
Underwriting Result
1 186
623
477
1 494
1 779
1 268
Credit Rating:
Standard & Poor’s (S&P) International Santam Stand Alone (S&P) Munich Re of Africa / Santam (S&P)
Rating
Year
BBB
2016
A-
2016
AA-
2017
Contact Us RUSSELL MYERS- Chief Executive Officer russellm@mirabilis.net CURT MEYER- Chief Operating Officer curtm@mirabilis.net SHANE GRAHAM- Executive Director shaneg@mirabilis.net SAMUEL MCLENNAN- National Marketing Manager samuelm@mirabilis.net
Mirabilis is an Authorised Financial Services Provider FSP No. 28190
1st Floor, Cradock Place, 5 Cradock Avenue, Rosebank, Johannesburg, South Africa P O Box 2081, Saxonwold, Johannesburg, 2132, South Africa Branches: Bangkok I Cape Town I Durban Telephone: 0861 100 100 | +27 (11) 880 8200 Website: www.mirabilis.net Email: info@mirabilis.net
Santam is an Authorised Financial Services Provider FSP No. 3416