Gib plans presence in most of Africa

INDEPENDENT insurance broker Gib Group, through its Gib African Alliance, plans to have representatives across most of Africa within the next year.

Representatives from 22 African countries have joined the alliance to offer insurance-broking services to international clients. This was in response to demand from other broker networks outside Africa, said Dennis Gamsy, founder and deputy chairman of Gib Group.

Mr Gamsy said last week the only way for independent brokers to grow if they did not choose to sell, was to acquire an international footprint. As a result, Gib joined Assurex Global, a network of 500 shareholder offices globally, which allowed them to compete on larger accounts.

Aon became the largest broker in SA after it absorbed Glenrand MIB in 2001. Marsh was ranked second after it bought Alexander Forbes Risk Services last year.

This left Gib, founded in 1982, as the largest independent composite insurance broker in SA, said Mr Gamsy. “Other overseas independent networks which needed independent brokers came to us to look after their clients in SA and Africa.”

Gib then linked up with Funk Gruppe, the largest independent insurance broker in Germany.

It has also established inter- national associations with Verspieren International, the largest independent insurance broker in France, and independent brokerage Arthur J Gallagher Associates in the US and the UK.

Gib is also connected to Jiang Tai, the largest broker in China.

“All these networks and corporates have referred business to us over the last four years, some of which is placing business into Africa,” said Mr Gamsy.

Through placing insurance business in other African countries, directly or through local brokers, Gib developed an ad hoc broker network. This has become the basis for its Gib African Alliance.

Last week Gib held a conference in Johannesburg with representatives from 22 African countries to formalise the broker network. “It’s at an embryonic stage, but within six to 12 months time we would like to get representation across all 52 countries on the African continent.”

Members of the newly-formed alliance have to agree to minimum compliance requirements and hold a minimum professional indemnity insurance limit.

Competitors Aon and Marsh both have plans to expand services into Africa. Aon has a network of offices including in Botswana, Mozambique, Namibia, Swaziland and Zimbabwe.

Marsh has a presence in Nigeria, Botswana, Malawi, Namibia, Uganda and Zambia.