NEWS RELEASE
MARCH 2014
PHOTO CAPTION: FROM L-R WARREN BOLTTLER, CEO OF PFP INSURANCE BROKERS, GARETT ENDEBURG, PRICE FORBES & PARTNERS, THEO PAUW, CHAIRMAN PFP INSURANCE BROKERS AND PATRICK PILLAI, COMMERCIAL HEAD PFP INSURANCE BROKERS
PRICE FORBES AND PARTNERS OPENS NEW SOUTH AFRICAN PREMISES
Wednesday 26 February saw the official opening of the new Sandton offices for PFP Insurance Brokers, a wholly owned subsidiary of Price Forbes and Partners.
Speaking at the launch, local CEO, Warren Bolttler, said he was delighted at the support and interest the business had received from both insurers and UMA’s alike during its initial months in operation. He also highlighted the excellent client partnerships the business had secured over the past 12 months.
“The South African insurance market is full of wonderful capacity and skills, and in our own small way we would like to contribute to that growth and help position the industry locally as an African hub for treaty, facultative and excess programmes for the rest of the continent. As brokers we need to be able to bring industry specific skills to bear to add value to clients through innovative, cost-effective and quality solutions,” commented Bolttler.
He made special note of the professional support PFP had received from service providers over the last year. “In my mind there are two critical success factors in building a prosperous business. The first is the ability to choose and create the right partnerships. The second is to attract and retain the right people. I am immensely proud of the team we have assembled. They are consummate professionals, and without exception, they are all well known in the market, and most importantly have deep reaching relationships with many clients and prospective clients we wish to attract,” he said.
He, acknowledged that while it has not been easy entering such a competitive local market, the organisation’s unique differentiators had facilitated stronger growth than anticipated.
“Being smaller and having the ability to place the client at the centre of everything we do is a distinct strength. We don’t have layers and layers of corporate hierarchy, which so often distracts service professionals from what they are paid to do. We’re also very much team players, happy to work with the market, rather than dictate to it. We are also serious about bringing new ideas and partnerships into the market place and want to bring back the concept of personalised service to corporate and commercial broking. Many clients are suffering as a result of ‘centralisation’, ‘consolidation’ and ‘automation’. A more personalised bespoke approach, coupled with the global broking solutions and access to international markets our London parent company brings us, will ensure every new client is a big fish in a small pond.”
Bolttler said all three of the business’ key focus streams were doing well. The traditional retail model under Corporate Broking services had the ability to offer large composite programmes with products across all lines, multi-layers in multiple jurisdictions. “Most importantly we have the skills on board to handle just about any industry sector,” he said.
He said the Commercial offering, ideal for smaller clients who require a simpler package type product was a big focus area for PFP, having already secured over 50 agency agreements.
Finally on the wholesale broking stream he commented on the incredible success of the African Wholesale offering which had been growing fantastically since the middle of last year. “Essentially,” says Bolttler, “this is a service provision to brokers and insurers in other African countries, who are seeking additional insurance capacity and skills from the SA market for their own local or multinational clients. Once again this is a cross class, multiple layer and multi-jurisdiction offering and the success of this business is dependent on some wonderful partnerships with the likes of ARIS from Tanzania, Allia Insurance Brokers in the DRC, and a number of East African Insurers like Alliance, Heritage and Jubilee – to mention a few.”
Bolttler confirmed PFP were currently servicing clients and insureds in no fewer than six African countries outside of South Africa.
On a final note Bolttler spoke about the need to change the way the market sees service. “Let’s not be afraid to take on the pros, especially in their own back yard. We have the skills and the passion. Let’s make a difference for our clients and make our competitors sit up and take note.”
