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Baronscourt
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Background
NATURE OF THE BUSINESS
Baronscourt Group was set up as a niche insurance and reinsurance broker to offer Insurance Companies, Insurance brokers and the buying public, international underwriting expertise and access to global insurance and reinsurance capacity.
Baronscourt has created a niche in three main areas:
Working with local Insurance Companies in identifying the types of cover their clientele require. Once identified, sourcing a suitable Underwriter in the Local and International Insurance Markets who will accept a Reinsurance Treaty.
The Reinsurer will underwrite a portion of the risk and in doing so will provide the Local Insurance, as well as providing Rating Structures, Policy Documentation and Claims Settling Procedures. Baronscourt does all the necessary negotiations and product development. The Reinsurance Company normally takes a major portion of the risk in the early stages, reducing the exposure to the Insurance Company should the product not be profitable in the development stages.
Advising and assisting in placing Insurance Business on behalf of other Insurance Brokers who require expertise or knowledge of International Markets.
Advising and assisting members of the public that require specialist Insurance Products, International Expertise and alternative risk transfer mechanisms
Baronscourt is approved and admitted Lloyd's Correspondent Brokers.
BACKGROUND OF THE GROUP
The Group was formed in February 1996 and is made up of two Companies:
Baronscourt (UK) Ltd
The Company started trading in 1996. Baronscourt (UK) offers technical support and Reinsurance Services to the Global Alliance Insurance Companies
Baronscourt (SA) (Pty) Ltd
Baronscourt (SA) (Pty) Ltd was set up in February 1996 after it was approved by Lloyd's, as a Lloyd's Coverholder. The Company is based in Johannesburg. The Company is primarily involved in offering Excess Capacity and Specialist Insurance Schemes, Treaty and Facultative Reinsurance.
CORPORATE GOVERNANCE
The Group is required in terms of their memberships and associations with Lloyd's and other regulatory bodies to follow stringent requirements, which are scrutinised annually. The Group employs a full time Compliance officer to ensure compliance with all regulatory requirements.
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