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Aviation Insurance
Friday, February 1, 2008
Expanding wings

IAU under the management of Jamie Illing has now tied up with Guardrisk and achieved an AA rating. This is welcome news in our market which struggles with the few insurers currently available. The market consists of Santam and Regent who write their own business, Zurich (previously SA Eagle) and IAU/Guardrisk which use under-writing managers. There is also Allianz who have a manager in Cape Town, and Lloyd’s who these days are only interested in the bigger risks, most of which are past the local market’s underwriting limits. I exclude Brokers with binders until they can make their minds up whether they are brokers or underwriters. It always comes down to the question - if the claim is borderline whose side will they be on? Profit commissions play a big part in the decision-making. The FSB has still made no move on these hybrids. By Henry Tours, Aviation Consultant

 

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