Guardrisk Insurance Company Limited (Guardrisk) has acquired 100% shareholding of Inniu Underwriting Services (Pty) Ltd (Inniu), effective 1 June 2021.
Inniu has been an underwriting management agent of Guardrisk since 2005. The transaction is the culmination of negotiations over a number of years and saw the entire Inniu team transferring to Guardrisk effective 1 June 2021, with the exception of Paddy Murray who retired on that date.
“We are delighted to have concluded this transaction, in line with our stated objective of acquiring accretive businesses to bolster our underwriting capabilities, as we expand our conventional underwriting offering via Guardrisk General Insurance (GGI). We thank Paddy for his leadership in building Inniu into what it is today and wish him a happy, well-deserved retirement,” says Herman Schoeman, CEO Guardrisk Group.
The Innui team will be headed up by Richard Payne and will continue to operate under the Inniu brand in the immediate future, while forming the core of GGI’s corporate property insurance offering.
“This acquisition marks the next exciting phase in the development of GGI as a general corporate/commercial insurer in South Africa,” says Richard Eales, Managing Executive, Guardrisk Non-Life.
The underwriting unit will continue to operate under existing mandate, offering all existing products and services under current treaties. All contact details and operations remain the same for the time being and any changes will be communicated to you timeously to avoid any service interruption.
“We welcome Richard and his team into the GGI fold and are thrilled to have been able to add such depth of knowledge and skill to our technical capabilities as we continue to seek ways to build a superior offering to our supporting brokers and clients,” says Walter Cronje, Executive Head, GGI.