Bryte Accelerates Growth of Corporate Property Portfolio with a controlling stake in Sapphire Risk Transfer’s South African operation
Bryte Insurance Company Limited (Bryte), the proactive business risk insurance specialist, is pleased to announce that it has entered an agreement to acquire a controlling stake in the South African operation of Sapphire Risk Transfer (Sapphire). In addition to the shareholding, Bryte will grant Sapphire an Underwriting Management binder for its entire corporate property book, subject to customary regulatory approvals. The acquisition further enables Bryte to address evolving corporate client needs and enhance its customer value proposition.
The collaboration with Sapphire will significantly increase Bryte’s corporate property service offering. Sapphire will assume responsibility for the underwriting and reinsurance of all Bryte’s corporate property portfolio from 1 January 2021.
Speaking on the partnership and its meaning for the business, Bryte CEO, Edwyn O’Neill, commented, ‘’Our collaboration with Sapphire Risk Transfer is one that is aimed at accelerating Bryte’s corporate property portfolio and is part of our ongoing commitment to our corporate value proposition. As a future-focused business, we constantly evolve and adapt to meet the demands of our dynamic operating environment and ensure sustainability for the long term. With the world now focusing on 2021, we believe this is exactly the right time to ignite new growth initiatives and we are excited to have the Sapphire team join our portfolio.’’
Sapphire Group CEO, Gary Corke will lead Bryte’s corporate property proposition. Gary has a significant track record, with strong experience in leading teams to drive new underwriting capabilities and in building leading businesses in the corporate property space.
‘’Sapphire is thrilled to be collaborating with Bryte. We believe that this partnership will offer our people, and our clients, greater choice and flexibility, whilst also ensuring a sustainable result for all our shared stakeholders. Together, we represent a strong business offering and enhanced expertise to grow the corporate property book ’’ says Gary Corke, CEO of Sapphire Risk Transfer.
Gary’s past successes include co-founding Emerald Risk Transfer, where he served as CEO. In addition, Gary led SHA Specialist Underwriters where he served as CEO for four years.
“At a time when our industry, and our world, faces new demands and evolving client needs, we believe that this partnership ensures we are optimised to meet future challenges and opportunities with confidence,’’ O’Neill concluded.