Type Privately owned Founded 1997 | Area served Southern Africa Number of employees 130 | |
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Industry Financial Services, Insurance Key people Mark Paton - Managing director Products Life insuranceShort-term insurance Website bidvestinsurancegroup.co.za Headquarters Umhlanga, KwaZulu-Natal, Durban | ||
Bidvest Insurance Group, commonly referred to as Bidvest Insurance is a subsidiary of the Bidvest Group based in South Africa that operates under two insurance licences: short term and life insurance. The company was established in 1997. Bidvest Insurance Group together with Bidvest Bank makes up the Bivest Financial Services division of the Bidvest Group.
Contents
- Volunteer bidvest insurance 3rd group
- History
- Divisions
- Bidvest Insurance
- Bidvest Life
- Bidvest Insurance Brokers
- Compendium Insurance Group
- Credit Rating
- Corporate Division
- Handre Pollards R2 million insurance
- Community Involvement
- Regulatory membership
- References
Volunteer bidvest insurance 3rd group
History
The company was founded in 1997 as part of McCarthy Motor Holdings.
In 2003 Bidvest Group bought McCarthy Motor Holdings and McCarthy Insurance Services then became Bidvest Insurance falling under the Bidvest Financial Services division together with its sister company Bidvest Bank.
In 2015 Bidvest Insurance Group acquired a 51% stake in Compendium Insurance Brokers, a large independently owned insurance group.
Divisions
Bidvest Insurance Group comprises
Bidvest Insurance
This division is a financial services provider holding a full short term insurance license. Bidvest Insurance is a short term insurer licensed to underwrite accident & health, liability, motor, miscellaneous, property, and transport insurance.
Bidvest Life
Bidvest Life holds a full life insurance licence and underwrites assistance, disability, health and life insurance.
Bidvest Insurance Brokers
This division provides sales and broking functions to the above insurers as well as independent insurance companies. Equipped with in-house call centres it provides products and services such as motor comprehensive insurance broking, outbound / inbound database mining campaigns as well as service support helplines.
Compendium Insurance Group
In order to extend its national footprint, Bidvest Insurance Group acquired the Compendium Insurance Group in July 2014.
Credit Rating
IN 2015 Bidvest Insurance received a GCR Rating of A from the Global Credit Rating Company with the outlook of stable.
Corporate Division
In November 2015 the company launched its corporate insurance division which offers risk management to businesses of all sizes.
Handre Pollard's R2 million insurance
In 2015 Springbok flyhalf Handré Pollard’s kicking foot was insured by Bidvest Insurance for R2 million (ZAR) ($230 000 - USD) during the Rugby World Cup.
Community Involvement
The Bidvest Insurance Group contributes to community development through its various businesses which are actively involved within their communities. Corporate projects include:
Regulatory membership
Bidvest Insurance is a member of the South African Insurance Association (SAIA) and a partner member of Southern African Travel Agents (ASATA).
Bidvest Insurance Brokers is a member of the Financial Intermediaries Association of Southern Africa (FIA).