Less than a year after the acquisition of the Cinabre underwriting agency, the SMA group announces the launch of SMA Transport, its department dedicated to transport and maritime insurance with the objective of reaching 70M euros in premiums.
By acquiring the Bordeaux underwriting agency Cinabre, the SMA group wished to become “a fully-fledged player in the transport and maritime insurance market with its own underwriting and management structure”explains Grégory Kron, its deputy general manager.
Thus, the insurer has just officially launched SMA Transport, its dedicated department, which will be based in Bordeaux and will rely on Cinabre’s teams and know-how. The latter will offer guarantees for goods transported (faculties / transport for own account), RC Pro for carriers and hulls, as well as Project Cargo policies (transport, storage and PE for construction sites) and maritime constructions. “ The risks will be borne by SMA SA (note: which is a member of Cesam) and we wish to address both our customers and other players outside the construction industry. We will also be able to help other MGAs looking for solutions”then indicates Grégory Kron.
On course for 2023
In a French transport insurance market estimated at 1.9 billion euros in 2020 according to France Assureurs, SMA Transport aims to reach 70 million euros in premiums by the end of 2023 (including SA’s air activity in La Réunion). Aerial). “Today we work with 160 brokers. We record 1,237 transport policies in the portfolio for a 2021 S/P of 56% (gross) and a result (before IS) of 885,000 euros”adds for his part Laurent Blasquez, the ex-director of Cinabre who has become director of this new department. “In a market where we believe the loss ratio is improving, this link to a solid group like SMA will allow us to continue to develop with more resources but without denying our precepts. It is not a question of wanting to take market share at all costs”adds the latter.
And SMA Transport has not been idle since since the integration of Cinabre, the entity has already taken over the entire portfolio of the Compagnie nantaise d’assurance maritime et terrestrial (3.8M euros in annual premiums) a few weeks. The group, which already practices transport insurance in Portugal since the acquisition of Victoria Internacional in 2011, will rely in particular on the reinsurance treaties put in place for the occasion.