Professionals: Short-term » Press Room

Lireas buys 48% stake in Firedart

Lireas Holdings – the strategic investment company of Hannover Re Africa – has announced it has acquired a 48% shareholding in Firedart Engineering Underwriting Managers, the specialist engineering underwriting management agency (UMA), writing on behalf of Compass Insurance.

According to Mike Tandy, Managing Director of Firedart, the move is a huge vote of confidence in the Firedart business. “Firedart has been in operation for more than ten years and has grown significantly over this period. We are very pleased to have Lireas as a shareholder, particularly given its access to reinsurance capacity through Hannover Re, and are very excited about the opportunities going forward.”

Valerie Hayter, Managing Director at Lireas, said the investment company has been interested in purchasing a stake in Firedart for some time and the exit of Firedart shareholders at the end of 2011 provided the perfect opportunity. “Firedart is an underwriting business with excellent prospects. It has become a leading player in its niche area of engineering underwriting and we are confident that it will grow its market share, whilst continuing its excellent service offering.”

Mike says Firedart has plans to further grow and expand its product offering in the year ahead and looks forward to updating the market in due course.

Breaking News »

Healthcare » Fedhealth Tour De Tuli 2012 - it's a cycle of life Continuous Professional Development: Part I Medical schemes hamstrung by PMBs in providing more affordable medical cover COSATU protesting proposed changes to Labour Legislation– some amendments likely to be scrapped says ENS Proposed amendments to Labour Legislation causing concern for local employers

Investment » Steady 1st quarter for local hedge funds Spread sheets for Tax Professionals - Avoid the Downward Spiral Tax technology under the spotlight at Deloitte summit South African investors missing out on returns Property investors warned not to proceed with DFA property rights applications while legislation still in question

Life » Reasons to set up a trust (even if we had no estate duty) Vodacom granted short and long term insurance licences FSPhub is launched More SA professionals considering emigrating - survey Defining different types of risk

Retirement » When not to heed the headlines Employee benefits to encourage savings Economy growing, but challenges remain Project management is no popularity contest From the dark ages to enlightened reporting