The Mauritian Financial Services Commission has approved the acquisition of Rokstone Underwriting Mauritius, a managing general agent, by TRM Holdings.
Rokstone Underwriting Mauritius now operates as Nemesis Specialty. The MGA, on its website, describes itself as a bridge between “ambitious industrial projects and the security required to bring them to fruition”.
Johannesburg-based TRM Holdings, which provides insurance and risk management advice, was founded in 2016 by Mr John Hill and Mr Hugo Hill.
“The acquisition of Rokstone Underwriting Mauritius is a critical step in our growth strategy and demonstrates our continued commitment to Africa,” said Mr James Hill. “Rebranding as Nemesis represents a new chapter, one that builds on Rokstone’s established foundations while positioning the business for sustainable long-term growth.”
Mr Hugo Hill said, “This transition allows us to sharpen our strategic focus and provide additional specialty underwriting capacity to Africa’s underserved insurance market.
“Despite strong growth, African insureds often face limited choice. Nemesis will be a pure-play African specialty MGA, with the ambition to become the go-to capacity provider for specialty brokers seeking the strongest paper available on the continent.”