Bidvest Insurance

Bidvest Insurance Group
Privately owned
Industry Financial Services, Insurance
Founded 1997
Headquarters Umhlanga, Durban, South Africa
Area served
 Southern Africa
Key people
 Mark Paton - Managing director
Products Life insurance
Short-term insurance
Number of employees
 130 (April 2016)
Parent Bidvest Group
Website bidvestinsurancegroup.co.za

Bidvest Insurance Group, commonly referred to as Bidvest Insurance is a subsidiary of the Bidvest Group based in South Africa that operates under two insurance licences: short term and life insurance. The company was established in 1997. Bidvest Insurance Group together with Bidvest Bank [1] makes up the Bivest Financial Services division of the Bidvest Group.[2]

History

The company was founded in 1997 as part of McCarthy Motor Holdings.

In 2003 Bidvest Group bought McCarthy Motor Holdings and McCarthy Insurance Services then became Bidvest Insurance falling under the Bidvest Financial Services division together with its sister company Bidvest Bank.

In 2005 Bidvest Insurance Group acquired a 51% stake in Compendium Insurance Brokers, a large independently owned insurance group.

Divisions

Bidvest Insurance Group comprises

Bidvest Insurance

This division is a financial services provider holding a full short term insurance license. Bidvest Insurance is a short term insurer licensed to underwrite accident & health, liability, motor, miscellaneous, property, and transport insurance.

Bidvest Life

Bidvest Life holds a full life insurance licence and underwrites assistance, disability, health and life insurance.

Bidvest Insurance Brokers

This division provides sales and broking functions to the above insurers as well as independent insurance companies. Equipped with in-house call centres it provides products and services such as motor comprehensive insurance broking, outbound / inbound database mining campaigns as well as service support helplines.

Compendium Insurance Group

In order to extend its national footprint, Bidvest Insurance Group acquired the Compendium Insurance Group in July 2014.[4]

Credit Rating

IN 2015 Bidvest Insurance received a GCR Rating of A from the Global Credit Rating Company with the outlook of stable. [5]

Corporate Division

In November 2015 the company launched its corporate insurance division which offers risk management to businesses of all sizes.[6]

Handre Pollard's R2 million insurance

In 2015 Springbok flyhalf Handré Pollard’s kicking foot was insured by Bidvest Insurance for R2 million (ZAR) ($230 000 - USD) during the Rugby World Cup.[7]

Community Involvement

The Bidvest Insurance Group contributes to community development through its various businesses which are actively involved within their communities. Corporate projects include:

Regulatory membership

Bidvest Insurance is a member of the South African Insurance Association (SAIA) and a partner member of Southern African Travel Agents (ASATA).[10]

Bidvest Insurance Brokers is a member of the Financial Intermediaries Association of Southern Africa (FIA).

External links

See also

References

  1. ↑ "Bidvest Bank". bidvestbank.co.za.
  2. ↑ "Bidvest Financial Services". bidvestinsurancegroup.co.za. Retrieved 2016-03-31.
  3. ↑ "Compendium Insurance Brokers". cig.co.za. Retrieved 2016-03-31.
  4. ↑ "Insurance: Compendium stake bought". iol.co.za. Retrieved 2016-03-31.
  5. ↑ "GCR accords an initial rating of A(ZA) to Bidvest Insurance Limited; Outlook Stable.". globalratings.net.
  6. ↑ "Bidvest Insurance launches corporate division". fin24.com. Retrieved 2016-03-31.
  7. ↑ "Pollard insures his leg - for R2 million!". sport24.co.za. Retrieved 2016-03-30.
  8. ↑ "LIV Village". liv-village.com.
  9. ↑ Rally to Read website - http://www.rallytoread.co.za/#&panel1-1
  10. ↑ "ASATA Membership - Bidvest Insurance". liv-asata.co.za.
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