Alexander Forbes makes a comeback

Alexander Forbes South Africa has officially returned to the local insurance brokerage business scene, a year after it withdrew the use of its name from a Kenyan brokerage firm.

The Johannesburg-based financial services company, present in 30 African countries, withdrew its name from Eagle Africa Insurance Brokers last year following differences with its local partners, is now operating as Alexander Forbes Risk and Insurance Brokers Limited.

Alexander Forbes also makes a foray into the healthcare insurance business with Alexander Forbes Healthcare Limited products expected to roll out early next month.

The third unit remains as the actuarial and employee benefit arm, Alexander Forbes Financial Services. The three will be under a regional subsidiary, Alexander Forbes East Africa Limited.

Previously, the firm has been operating as an actuarial and consultancy on employee benefits and healthcare businesses trading as Alexander Forbes Financial Services (East Africa) Limited.

It was also operating as an insurance broking business using Quantum Insurance Brokers Limited as its brand name.

“We decided to trade under a unitary Alexander Forbes brand and hence avoid any confusion in the market,” said the local subsidiary chief executive, James Olubayi.

He promised to launch an individual pension plan next month.

On healthcare, the firm hopes to uses its actuarial skills to develop innovative products to meet client needs.

Already, the firm boasts of being well capitalized to the tune of Sh60 million, way beyond the Insurance Act requirement.

Deputy Prime Minister and Local Government minister, Musalia Mudavadi challenged the professionals present during the event to lobby legislators to take corrective legislation measures before any disasters happen.

This was in reference to the current world economic crises in the developed world due to weak legislation.

“We are a small economy and we need to get it right the first time. Otherwise, we do not have the capacity to redo any damage on our financial markets like the developed world did,” said Mr Mudavadi who was the chief guest during the event held on Tuesday evening at a Nairobi hotel.