International specialty reinsurance MGA Rokstone, part of the Aventum Group, has announced that it has secured an insurance agent license from the Financial Services Commission (FSC) in Mauritius. The company is now authorized to underwrite business directly in Africa from its Mauritius office.
Rokstone will initially underwrite political violence and terrorism and property business from Mauritius and expects to offer financial lines later in the year. Rokstone is one of the world’s largest MGAs, with offices in the US, UK, Europe, Asia, Africa and the Middle East. It currently underwrites $500 million in gross written premium in several specialty lines, including marine, terrorism and political violence, direct and facultative property, property treaty, construction and engineering, marine cargo, and liability.
The company’s political violence and terrorism facility has S&P A-rated capacity from Lloyd’s Syndicates with capacity of $100 million per risk. The cover reflects current and emerging terrorist threats, with emphasis on crisis management, victim support and rehabilitation.
“We’re delighted that our Mauritius office is now officially open for business,” said Vinaye Seebaluck, director and head of underwriting. “We continue to grow the group’s geographic presence and diversify its specialty product range. Having boots firmly in the ground in the region means we can better serve our clients with a fast, responsive local service and unbeatable cover. We have strong growth targets in the region and expect to be underwriting US$8 million in premium before the end of the year.
“Having a local license in Mauritius will save our brokers in Africa valuable time, as they don’t need to go through a Lloyd’s broker and wait for the risk to be passed around the market,” Seebaluck said. “With our extensive capacity of US$100 million per risk for terrorism and political violence, we are here to provide our producers a one-stop-shop.
“Our specialist knowledge, use of technology and approach to underwriting also means we can provide broader, more relevant cover that’s cheaper and quicker to secure than anywhere else. We’re delighted to secure strong capacity for the product – testament to the confidence that carriers have in our expertise and knowledge of this market.”
The Mauritius office is managed by Seebaluck and Avinash Seebhujun, executive director and head of compliance. Seebaluck has more than 18 years of experience in reinsurance, heading up special risks and political violence portfolios for several large local companies, including Jubilee Insurance (Mauritius), AXA Africa Specialty Risks and Swan Insurance. Avinash has more than 12 years of legal and compliance experience in several sectors, including reinsurance, banking, leasing and financial services.
Rokstone is now actively recruiting to add additional specialist underwriters to the Mauritius team.