Constantia Insurance Company Limited
We would like to bring to your attention a press release announcing that the Prudential Authority has placed Constantia Insurance Company Limited (CICL) under provisional curatorship.
The reason for provisional curatorship is that CICL is unable to meet specific capital requirements as required in terms of the Insurance Act. However, despite not meeting these requirements it should be noted that CICL is solvent and able to meet ongoing claims obligations.
We are aware that the curator and Constantia management are holding discussions with various suitable investors for a recapitalization of CICL. The curator will then investigate all feasible measures which could be adopted to ensure CICL’s compliance with legislated capital requirements.
Ambledown’s priority is to protect your interests and the interest of future policyholders. Our approach is a cautious approach whereby we will hold all policies impacted with Constantia whilst negotiating a move to a suitable insurer.
The move to a new insurer will ensure policy contracts continue with the same policy benefits, terms and conditions and premium rates. We will also negotiate with the relevant regulatory authorities for a seamless transfer so that you will continue to enjoy the cover you have with us without any interruptions. Ambledown will continue to administer your policy and process your claims as we always have. Any change in insurer will be communicated to you.
Thank you for your continued support and we remain committed to our service to you our valued customer.
Kind regards
