Actuarial & Insurance news
GIB Africa Associates formed
The independent insurance broker GIB Group has established GIB Africa Associates following new international partnership deals in China and the US.
"We were recently invited by Jiang Tai, China's largest insurance broker and by AJ Gallagher, one of the US' largest brokers, to act as their associate in Africa," said founder and chairman of GIB International, Dennis Gamsy, "As a result of this we are now forging ahead with our plan to, for the first time, co-ordinate an association of brokers throughout Africa."
The inaugural event will take place at a conference to be held by GIB in Joburg during April this year, with over 40 insurance broking companies from Africa in attendance.
Two years ago GIB was appointed by Funk Gruppe of Germany and Verspieren International of France to be its associates in Africa. They are the largest independent brokers in their countries. Prior to this GIB has been the sole partner to all the Worldwide Broking Networks made up of AssurexGlobal, Worldwide Broker Network, Brokerslink, Globex, Unison and Eurobron.
On-the-ground compliant services
"The establishment of GIB Africa Associates will enable us to provide clients of Jiang Tai, AJ Gallagher, Funk, Verspieren and all brokers in the Worldwide Networks with on-the-ground compliant services throughout the fast expanding insurance needs of companies, as they move into Africa," explained Gamsy. Ownership of the brokers of GIB Africa Associates will remain in the hands of the entrepreneurs of the various broking houses in Africa, with GIB offering expertise whenever required.
In 2011, a Herman Mashaba company, Lephatsi Financial Services, became a 30% shareholder in GIB Holdings with Mashaba being appointed as its Chairman. This BEE transaction plus the fact that GIB has retained its level 2, BBEE status, places GIB as the highest ranked composite insurance broker in South Africa.