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Insurance & Risk

Constantia Risk and Insurance Holdings Proprietary Limited, a wholly-owned subsidiary of Conduit, is the holding company for the Group's insurance interests. Constantia's objective is to grow retained income from net underwriting profit, investment income and profit commissions. Furthermore, Constantia's attitude towards insurance has always been to adopt a simplistic approach based on a pure sum insured underwriting and retentions (after reinsurance) model. In essence it is a quality vs quantity principle.

Volker von Widdern is responsible for the Group's Insurance and Risk Services division comprising three insurance companies which, together with their supporting entities, are collectively referred to as the Constantia Insurance Group or Constantia.

Insurance activities: The Constantia Insurance Group operates as insurer in both the long-term and short-term insurance industry in South Africa. Constantia deals mainly with UMAs, each of which focuses on its own niche products. UMAs are effectively an extension of the insurer, mandated to carry out a broad range of responsibilities which may include relationship management with the broker, the issuing of policies, underwriting and administration, premium collection, claims administration and administering recoveries and salvages on behalf of the insurer. The underwriting model has evolved to accommodate a direct broker model that allows Constantia to selectively procure business through the channel most appropriate to the opportunity.

[graphic: Constantia icon] Constantia Insurance Company Ltd is an innovative short-term insurance company that writes commercial and personal lines insurance products through specialist underwriting managers operating in specific geographical or niche business areas.

[graphic: Constantia icon] Constantia Life Ltd focuses on the long-term assurance business, including assistance, credit life, disability and life and health products.

[graphic: Constantia icon] Constantia Life and Health Assurance Company Limited The long-term licence allows all life assurance and health products, excluding investments. CLAH caters mainly for Group Scheme business with the portfolio managed by UMAs.

[graphic: Constantia icon] Constantia Insurance Holdings (Pty) Ltd houses significant interests in a number of underwriting administrators and services businesses providing risk and consulting services to the general insurance market.

For more information, please visit: www.constantiagroup.co.za