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Saturday, December 1, 2012
Capital results


Short term insurer Resolution Insurance Company Ltd plans to change its name to GENRIC Insurance following the appointment of the new Chief Executive Officer, MC du Toit. The appointment was made by the board in support of its strategy to capitalise on the excellent results the company has so far achieved during the last five years.
Du Toit says the company has since its inception attained a reputation for providing niche insurance solutions in a dynamic and innovative manner. He adds that his appointment will be geared at improving these already outstanding results. “Our solvency margin of 78% in 2011 has improved to 100.2% for the 12 months ending June 2012. Our investment income grew by 44% despite the decline in the repo rate. This resulted in an improvement in an already strong balance sheet for the company,” says Du Toit.
The company’s claims loss ratio dropped from 64% in 2011 to 49% this year as a result of “conservative underwriting and the deployment of claims mitigating tools that have yielded good results,” notes Du Toit.
He says he has already set a very ambitious growth strategy. “We have plans to ensure that operational and underwriting targets set for the year ahead will be achieved, strengthening the company’s platform and potential for growth as well as the creation of new business opportunities.”
One of the first realignments taken by the new chief executive to support this strategy is a complete rebranding of the company to make it more inclusive of new goals and objectives. “The new brand GENRIC Insurance Limited, subject to Registrar’s approval, will assist us to achieve our longer term objectives and build on the sound base already established.”

Copyright © Insurance Times and Investments® Vol:25.12 1st December, 2012
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