Swiss Re Expands African Operations to P&C
The South African Prudential Authority has approved Swiss Re’s application to expand the license of its existing subsidiary, Swiss Re Life and Health Africa Limited, to become a composite entity that can service both Life & Health as well as P&C business. Swiss Re Life and Health Africa Limited will be renamed to Swiss Re Africa Limited and will have the status of a subsidiary of Swiss Reinsurance Company Limited, Zurich.
“Our expansion in South Africa lays the basis for Swiss Re to upscale its market strategy in Africa. By shifting the center of gravity of our African business back to Africa, we are sending a clear signal that we believe insurance in Africa has a strong future. Swiss Re will be a force for enabling the industry to capitalize on the opportunities in South Africa and elsewhere on the continent” – CEO of Swiss Re Reinsurance EMEA, Jean-Jacques Henchoz.
Swiss Re Africa is based in Cape Town and led by Thys Nieuwoudt.
Bottom Line: the move completes Swiss Re’s ambition to re-domicile its Southern African P&C business onto the continent and sends an optimistic signal to African insurance markets.