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Friday, February 1, 2008
Strong growth

ACE INA International Holdings Limited has decided to commit a further R20 million in capital to its ACE Insurance operation in South Africa.

It says this is to cover strong premium growth and anticipate “excellent prospects for 2008.”
The latest investment brings the local company’s share capital to R50-million as at 31st December 2007.
Comments Brian Seach, Executive Chairman of ACE Insurance Ltd, South Africa, “The company only started writing local business in the second half of 2006, and its gross written premiums had grown 82.9% by the year end. The expected growth rate for 2007 is in excess of 45%, so prospects for 2008 look very good.”
According to Mr Seach, the injection of capital bolsters the company’s solvency and ensures that the margin is in excess of minimum statutory requirements. This additional capital injection reinforces the ACE Group’s commitment to South Africa and the opportunities available in this market.
ACE remains confident about the long term prospects of the South African economy. As ACE expands its business domestically it will continue to keep an eye on opportunities on the rest of the African continent. 
Footnote: The ACE Group of Companies is a global player in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor’s 500 stock index, the Group conducts business in more than 50 countries. Additional information can be found at: www.acelimited.com
 

Copyright © Insurance Times and Investments® Vol:21.1 1st February, 2008
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