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 Company History Safire was formed in 1987, when local timber-growers created an affordable insurance co-operative focusing on their specific requirements: the Central Timber Fire Protection Co-operative Limited (CTFP), which settled claims from a central pool of resources contributed by members. A re-insurance treaty was established with underwriting syndicates at Lloyds of London to cover the catastrophe portion of the risk. This form of self-insurance proved to be extremely successful. In 1994, CTFP converted to a primary co-operative, enabling insured timber-growers to become members of the co-operative directly, and CTFP was renamed South African Fire Protection Co-operative Limited. A liability programme was introduced to offer cover for liability incurred by timber-growers through certain acts of negligence resulting in damage or injury to a third party. With the advent of the General Short-Term (GST) programme three years later, cover was further extended to include non-plantation short-term insurance to co-operative members, as well as a motor vehicle scheme. The co-operative’s name was changed to South African Fire and General Protection Co-operative Limited. In November 2000, a significant move saw the co-operative being granted an insurance licence by the Financial Services Board, and converted to a public insurance company, known as Safire Insurance Company Limited. The decision to transform the company was based on plans to expand insurance options for clients, achieve better economies, and develop the company beyond the limitations of co-operative insurance. Safire Today From inception, Safire Insurance Company Limited has been a niche insurance company offering superior service to its chosen clients, and has consistently proven itself ahead of the local short-term insurance industry. Our management team is accountable and hands-on, monitoring international trends to ensure that our policies offer the most appropriate and extensive cover available. Because of Safire’s history as a co-operative, we’ve retained our commitment to serving our clients, rather than shareholders. Through a strict policy of selectivity, our clients are responsible individuals who own well-managed operations, and who can contribute as low-risk members to the Safire collective. In the event of claims, there is no cross-subsidisation between ‘good’ and ‘bad’ risk claims. Consequently, loss ratios are generally good, so that premiums can be kept at realistic levels. Safire is in an extremely strong position financially. We enjoy the dual support of re-insurance through renowned international underwriters, as well as extensive additional reserves, which contribute to keeping premiums affordable. Safire offers the controls and benefits of a public insurance company, regulated by the Financial Services Board, while retaining the co-operative philosophy that means that our clients are individuals with specific needs, rather than just policy numbers. |
