As the world emerges from the Covid crisis and businesses large and small ramp up their operations, bottlenecks are starting to appear as demand for imported raw materials and goods far outstrips availability and supply. The construction sector is a case in point where the supply chain has all but broken down in some instances […]
Sureties Market Outlook
Sureties products are essential tools used to support of trade throughout the world. They are used to provide comfort in situations where one party is not comfortable with the size / market standing / operation of a potential counterparty this it is looking to establish a relationship with. While this can occur in domestic settings […]
Klapton improves investment grade international scale credit rating with Bloomfield
Rob Bygrave, the CFO of Klapton confirms that Bloomfield Investment Corporation have increased the international scale short term rating of Klapton from A1- (stable) to A1- (positive). The long-term rating remains at BB stable. Both ratings are at investment grade level. Within their report, Bloomfield highlighted several factors which affected their decision to improve the […]
Impact of Covid-19 on Dry Bulk Market
It will surprise nobody that year on year charter rates retrenched between 2019 (pre pandemic) and 2020 (post pandemic). What may surprise is that the level of the decline was not as severe as may have been expected in a market dependent on cargos moving freely around the globe. With restrictions on travel, economies closing […]
Klapton approves 2020 Financial Statements
Rob Bygrave, the CFO, confirmed that on 2nd July 2021, the Board of Klapton approved the 2020 Financial Statements after the conclusion of the audit by SECC, a leading West African audit firm. Mr Bygrave said it was a testament to the strong procedures and controls implemented in the Klapton Finance Team, which enabled the […]
Policy wordings with respect to COVID-19
Policy wordings with respect to COVID-19 When COVID-19 arrived on South Africa’s shores, in March 2020, it impacted the entire South African economy and was completely unforeseen by Government and the Private Sector, and the financial services industry was no different. As the potential impact of COVID-19 became clearer, the Government had no choice but […]
Klapton announces a strong start to 2021
Premium levels rise 82% when compared to Q1 2020 period The Klapton Board were presented with the Q1 2021 results which showed a significant increase in GWP on the 2020 results. Premiums written were €10.9m compared to €6.0m in Q1 2020 (a rise of 82%) and were also €1.4m above the forecast results. The growth […]
Klapton launches bespoke insurance/reinsurance system with Powersoft
In Q2 2021, Klapton went live with their new insurance/reinsurance system which has been bespoke designed by a highly regarded UK software house, Powersoft Computer Services Ltd. The Klapton CFO, Rob Bygrave, who led the project (alongside Klapton’s CTO, Justin Tuson) said that the implementation of the system was vital to support the continued growth […]
A word from the Maritime Surety Committee Chairman
The marketing of Klapton’s Maritime Sureties offerings continued apace during 2020, targeting the international maritime sector and Klapton’s established African business regions. Our maritime specialists worked closely with Klapton Reinsurance Brokers Limited colleagues in Nairobi (“KRB”) to raise awareness in the East Africa nations during the past year and will do likewise with the new […]
Getting to grips with contractual versus delictual liability
To get to grips with liability insurance you need a clear understanding of the difference between contractual liability and delictual liability. These legal terms for specific liability are also relevant to understanding the cover offered on insurance policies. Before I explain why, I will share the practical impact of these terms. Negligent loss or damage […]