29 June 2017, Johannesburg. CIB (Pty) Ltd announces the acquisition of specialist underwriting manager; FPA Underwriting Managers (Pty) Ltd. The change of ownership comes into effect 1 August 2017 and will see FPA (better known as FIRSTPROP) become a division of CIB.
CIB aims to be the preferred choice for professional brokers for client business and personal insurance needs. Specialising in the SME market, its product portfolio includes general commercial and personal lines insurance and a selection of niche products such as engineering, agriculture, franchise and building insurance.
With the acquisition of FPA, a well-established underwriter in the building and sectional title insurance field, CIB gains access to a comprehensive range of specialist insurance products including Buildings, Homeowners Association, General Residential, and Commercial Buildings and Complexes as well as access to approximately 300 additional brokers.
“As a business that takes pride in designing innovative insurance solutions with unique, industry-specific options, we’re extremely proud to be associated with FPA. Not only is the acquisition an excellent fit for our client-centric business, it also positions CIB to extend our distribution, providing the South African property sector with some of the widest cover and value-added products available today,” says CIB MD Wilhelm von La Chevallerie. “Extending these products to CIB’s broker base creates significant growth potential for the business.”
FPA will operate as a stand-alone division of CIB, retaining its brand, management and processes. The division will remain under the capable leadership of Executive Chairman Ian Barton.
“We’re looking forward to working alongside Ian and his team, who brings a wealth of experience and insight to our business. Together we’ll be exploring innovative ways of responding to evolving client needs,” concludes von La Chevallerie.