W4 Insurance Administrators in South Africa
Sun 25 Mar 2012
Consumer alert regarding W4 Insurance Administrators
It has been reported in a South African news article that local regulatory authorities, the FSB, have provisionally withdrawn the administration licence of a South African intermediary, W4 Insurance Administrators (“W4”). The news article has attributed comments to the Chief Executive of W4 indicating that the problem his company has faced “lies in the underwriting structure set up by W4 through Lloyd’s of London.”
Lloyd’s wishes it to be clear that whilst W4 was able to produce reinsurance business to Lloyd’s underwriters, it does not hold, nor has it ever held, any approval from Lloyd’s to accept insurance or reinsurance coverage on behalf of underwriters at Lloyd’s. Neither Lloyd’s nor any underwriters at Lloyd’s have in any way caused the position that W4 finds itself in.
If you have any insurance documents issued by W4 naming Lloyd’s, Lloyd’s South Africa, Lloyd’s of London or any underwriters at Lloyd’s or other Lloyd’s entities please contact one of the following in writing, via email, (supplying copies of your documents) in order to verify the status of any purported coverage.