Brit Limited, a global specialty insurer and reinsurer, has made a significant strategic investment in Camargue Underwriting Managers, one of South Africa's leading providers of specialized insurance products.

Matthew Wilson, CEO Brit Global Specialty and Brit Group Deputy CEO, said: “We are delighted to announce this investment in Camargue. It is a business we have known for a long time and we are pleased to be able to further develop this important relationship.”

“Camargue’s focused strategy and rigorous underwriting approach fit closely with our own priorities at Brit, while its strong growth trajectory is testimony to the experience and expertise of its management team. We see exciting opportunity in Africa and look forward to expanding our presence in the region through this investment,” he said.

The investment builds on Brit’s strategy of selective international expansion into niche specialty businesses that offer well-established distribution networks underpinned by underwriting expertise. 

Founded in 2001 and with a strong track record of growth since inception, Camargue writes a range of specialized insurance products across the South African market.

The firm is the largest independent provider of specialist liability solutions in South Africa with gross written premiums of ZAR215m for the year to December 31, 2015.

Under the agreement, Camargue will retain its independence, underwriting on behalf of Lloyd’s syndicates, international insurers and local capacity.

Mitch Marescia, CEO and Co-founder of Camargue, said: “Securing Brit’s strategic investment is an exciting moment for Camargue. Brit already represents a key partner for Camargue and this investment will enable us to further accelerate our growth while enhancing our proposition for clients and partners. Over time, this partnership will allow us to expand our product range and explore new geographical opportunities.”

Brit, a subsidiary of Fairfax Financial Holdings, has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach.

The Brit Group underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business.