Mauritius: Cooper Gay opens reinsurance company
The global brokerage giant's subsidiary will focus on Africa.Global brokerage giant Cooper Gay Swett & Crawford is to open a subsidiary on October 28th October in Ebene, Mauritius, it was announced this week.
The Mauritius subsidiary, named CGRe Africa, will focus on the entire African market and will act as intermediary between local and regional insurers and reinsurers worldwide, Jean-Claude Lam Hung, head of the new subsidiary, told L'Express de Maurice.
"CGRe Africa will especially favour the African market in its marketing strategy, given the prospects for growth and development in Africa," he added.
The agency will provide companies in the region with mechanisms for raising funds and will link them to reinsurers to guarantee their risks.
Reinsurance is insurance purchased by insurers from other insurers to limit the total loss the latter would experience in case of a disaster.
According to SwissRe, Africa’s reinsurance market represented in 2011 a mere 0.8 per cent of the world share in direct premiums compared to 2.8 per cent for Latin America and 10.7 per cent for emerging markets and is worth a total $6.4 billion compared to $21.9 billion for Latin America and $83.7 billion for emerging markets.