Blue Ocean Underwriting Managers Pty Ltd

Blue Ocean is an independent FSP that is 100% black owned and managed. The company is 51% owned by founders and management, Winston Skosana, Peter Maphike and Pelaelo Moloi. The balance of 49% equity is owned by the Moabi Makasi Family Trust. The trust is 100% black owned and managed. The trust has investments in the manufacturing and petroleum sectors. The family trust has been in business for the past 25 years. The family trust now have interest to expand their business interest into financial services.

Blue Ocean Services

Blue Ocean will provide intermediary and administration services of commercial, engineering and corporate policy placements. Blue Ocean will be issuing policy schedules and managing pipeline for Hollard. Blue Ocean will work closely with the various branch and specialist underwriting teams within Hollard. Hollard will provide the final underwriting for cover inception. Blue Ocean does not bind at this stage but will propose all cover issues with Hollard. 

Distribution Model

Blue Ocean does not work directly with clients (insured). Blue Ocean will source business directly from brokers, both emerging and established brokers.  The model is such that Blue Ocean will seek new business opportunities from the brokers to be placed with Hollard. Blue Ocean will not compete with Hollard’s branches, binder holders and specialist divisions for business currently with Hollard.

Blue Ocean Vision

The vison of Blue Ocean is to become a fully-fledged Underwriting Manager (UMA)/Cell Captive Owner within 36 months from inception or start of operations. 

Hollard- Blue Ocean Partnership

Hollard is supportive of broader transformation initiatives in the financial sector. Hollard is housing Blue Ocean at its premises, working closely with the Blue Ocean team for underwriting capacity and overall development and transition of Blue Ocean into a UMA over a defined period. Blue Ocean has partnered with Hollard due to its balance sheet strength, common vision for the venture’s future and the entrepreneurial culture within Hollard. 

Regulatory Exemption

Blue Ocean has been granted a 3 -year exemption to earn up to 10.50% for their intermediary services. The exemption is Hollard exclusive and is a first of its kind is to enable Blue Ocean to grow revenue base and transition into a UMA within the targeted 3- year period.  Blue Ocean and Hollard will provide regular feedback/updates to the regulator on the progress of this partnership. This demonstrates that both parties are committed to be accountable on this transformation initiative. 

Game Changer

Blue Ocean will be a future game changer in the sector. The success of Blue Ocean will be the success of the industry as a whole. By supporting and providing leads to Blue Ocean, the industry will be nurturing a new player with a clear transformation agenda.