Company Profile 
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 Company History The co-operative that they established was called the Central Timber Fire Protection Co-operative Limited (CTFP), and it operated a scheme whereby members’ claims were settled from a central pool of resources contributed by the members. A re-insurance treaty was simultaneously established with underwriting syndicates at the renowned Lloyds of London, to cover the catastrophe portion of the risk. This form of self-insurance proved so successful, that the company’s plantation portfolio increased ten-fold over the next decade, and members enjoyed a stable level of premiums based on 1987 rates. In addition, discounts on this rate increased annually as the balance of funds in the pool increased. 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. During this period 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. Three years later, with the advent of the General Short Term (GST) programme, insurance cover was 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 momentous step was taken when the co-operative was 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 nature of the company was based on plans to expand the range of insurance options available to clients, achieve better economies, and develop the company beyond the limitations of co-operative insurance. The Safire Members' Trust was registered for the purpose of acquiring and retaining a majority fifty-one per cent share of the new company for the benefit of contributing shareholders, who are the beneficiaries of the Trust. The Trust will effectively prevent any hostile takeover of the company, and will actively formulate company policy in line with the original objectives and philosophies of the founder members. In this manner, Safire will never lose sight of its mission to provide quality cover designed to meet the needs of the risk averse insured. Why Safire? There are a number of factors that determine why you should protect your assets with us: We are a niche insurance company with an impeccable track record and a flat management structure. Our clients are individual people to us, not simply policy numbers. We are accessible to anyone who needs us, and all queries and business matters are managed effectively and with a personal touch. We understand specific niche insurance markets, and constantly monitor current trends and activities to ensure that our policies offer the most appropriate and extensive cover available. Because of our history as a co-operative, and because our members are now part of the Safire Members' Trust, we have retained our commitment to serving our clients, rather than shareholders. Through a strict policy of selectivity, 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. Safire offers the controls and benefits of a public insurance company, regulated by the Financial Services Board, while retaining the individual allegiances of a co-operative philosophy. From inception, Safire Insurance Company Limited has been able to offer a superior service to its chosen clients, and has consistently proven itself ahead of the local short-term insurance industry. Our clients are accountable individuals with well-managed operations, who can contribute as low-risk members to the Safire collective. Why contribute each month for the benefit of less responsible individuals? Discover the difference in being insured by Safire. |
