MGA Rokstone Receives Coverholder License to Underwrite in Africa

Rokstone, the international speciality re/insurance MGA, part of the Aventum Group, announced it has secured an insurance agent license from the Financial Services Commission in Mauritius (FSC).

The company is now fully authorized to underwrite business directly in Africa from its office in Mauritius. Initially writing political violence & terrorism and property, the Mauritian office expects to offer financial lines later in the year.

The political violence & terrorism facility has “A”-rated capacity from Lloyds syndicates with capacity of US$100 million per risk. The cover uniquely reflects the emerging and current terrorist threats, with additional emphasis on crisis management, victim support and rehabilitation. Quotes can be obtained within 24 hours. The property binder has “A”-rated capacity from AM Best with a US$15 million line.

“We continue to grow the group’s geographic presence and diversify its speciality 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,” according to Vinaye Seebaluck, director and head of Underwriting, Rokstone Mauritius.

“We have strong growth targets in the region and expect to be writing US$8 million premium before the end of the year,” he added.

“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.

The Rokstone Mauritius office is managed by Seebaluck and Avinash Seebhujun, executive director and head of Compliance. Seebaluck has over 18 years’ experience in re/insurance, heading up various special risks and political violence portfolios for several large local companies such as Jubilee Insurance (Mauritius) Ltd., AXA Africa Specialty Risks and Swan Insurance.

Seebhujun has more than 12 years of legal and compliance experience in several sectors including re/insurance, banking, leasing and financial services. He has worked at Rand Merchant Bank, based in South Africa, and AXA Africa Specialty Risks before joining Rokstone.

The group said it is now recruiting to add additional specialist underwriters to grow the team in line with expected growth.

With offices in the UK, Europe, U.S., Asia, Africa and Middle East, Rokstone currently underwrites US$500 million in gross written premiums in several specialty lines such as marine, terrorism & political violence, direct & facultative property, property treaty, construction & engineering, marine cargo and liability. Rokstone is asister company to Consilium, the international re/insurance broker — both part of Aventum Group.

Photograph: A city street in the center of Port Louis, the capital of the island of Mauritius in December 2019.

Related:

• Consilium Unveils Delegated Underwriting Authority Services for Re/Insurance Market
• MGA Rokstone Launches US$18M Marine Cargo Facility, Hiring Lloyd’s Veteran Birchard

Topics Underwriting Insurance Wholesale