Reinsurers coming to the BEE party
Reinsurers practicing in South Africa also fall under the Financial Sector Code and a number have already put BEE measures in place. Willis South Africa is a full subsidiary of the Willis Group and BEE shareholder, the Amabubesi Group holds 26 per cent of the South African arm of the Willis Group. Aon South Africa is a level four contributor to BBBEE while Swiss Re is a founding partner of the Swiss South African Co-operation Initiative (SSACI), which is a public-private partnership that helps unemployed youth in South Africa gain work experience via training projects. At all levels of the financial services industry, companies can be seen making changes that will improve their BEE standing and see them comply with the Financial Sector Code. The long-awaited industry compliance report from the Financial Sector Charter Council will no doubt provide a bird’s eye view of actual overall progress in the financial services industry.