Our History
Soaring High in the Specie Insurance Industry
My name is Richard Pearson, and I am the Chief Executive Officer of Osprey Underwriting Managers (Pty) Ltd.
My professional journey began in 2002 as a Surveyor and Loss Adjuster, where I had the opportunity to collaborate with a major Cash in Transit company, diving into the business from an investigative standpoint. Over the past 18 years, I have honed my expertise in the industry, co-founding a company with my father, John Pearson, that specialised in crime investigations and recoveries for the insurance sector.
Throughout the years, we have handled numerous high-value and complex crime-related cases, including significant recoveries from incidents such as the airport robberies at OR Tambo International Airport and the Monte Casino heist. Our success was bolstered by partnerships with legal experts and law enforcement, recovering assets on behalf of syndicates within Lloyds of London.
Our achievements in the Specie insurance domain led us to expand into the local Marine market and the Heavy Commercial Vehicle (HCV) sectors, focusing on the recovery of stolen goods and vehicles. We developed early warning systems and cultivated a broad network with police and specialised investigation services, enhancing our capabilities in Marine claims and investigations.
This foundation enabled me to connect with dynamic professionals in the industry, leading to the formation of Osprey. As my career progressed, my entrepreneurial spirit drove me to seek opportunities for personal growth and business innovation.
I identified a niche in the Specie Insurance industry within South Africa – a sector ripe for development where I could leverage my risk management skills, reputation, and relationships to make a meaningful impact. I am committed to exploring this opportunity by providing strategic risk advice and fostering partnerships to build and grow a successful enterprise in this field.
During our market analysis, we identified a lack of local Specie Insurers in South Africa. To address this gap between the South African market and Lloyd’s market, we initiated efforts to engage effectively. Initially, we collaborated with local brokers to introduce business into the Lloyd’s market, achieving some success.
However, we recognised the need for more substantial involvement, which led us to establish a binder agreement with Guardrisk, who took a chance on both the product and our team.
Before finalising the binder, we conducted a thorough business analysis. We realized that operating as a standalone UMA for Specie business would be challenging without diversifying. We planned to offset fluctuating revenues across divisions to maintain cash flow and cover expenses. Our strategic approach included targeting clients with multi-faceted needs, such as mining operations requiring Specie, Marine, and Heavy Commercial Vehicle coverage.
This strategy involved engaging industry specialists, convincing them to join us in building a visionary company from the ground up.
Through persistence, we assembled a talented team and launched as Peregrine Underwriting Managers (PTY) Ltd. Our journey faced initial obstacles, like a trademark issue with the name Peregrine. We amicably resolved this by
rebranding to Osprey Underwriting Managers (PTY) Ltd., embracing the change positively.
The second significant challenge was the global pandemic, which temporarily halted our business. Despite shareholder concerns, we made a strategic decision to return to the office post-lockdown, focusing on assisting brokers and growing our client base.
The company name, inspired by birds of prey, holds personal significance from my grandfather’s legacy. We strive to maintain a personalised business approach, emphasizing direct and immediate client interactions. Our goal is to offer clients the full benefit of our expertise and services.
The dedication of key professionals, such as Colin Moodley and Hentie Snyder, has been instrumental. Colin, formerly second in command at Hollard’s Marine Division, leads our Marine Division, Terra Marine. Hentie, a long-time friend with extensive experience in the cash and valuables market, brought invaluable networks and broker relationships.
Despite early challenges, including the liquidation of Constantia Insurance Company, we upheld our commitment to clients by personally covering claims, which reinforced our business ethics and values. Success in the financial services industry requires perseverance, and our growth is attributed to the exceptional people at Osprey.
Our company, though young, has established itself as a specialist in the local market. We are now exploring opportunities to expand into the African market by partnering with insurers that possess local licenses, enhancing our regional presence. Our discussions with iTOO culminated in a partnership where we serve as their African specie specialists, leveraging their licenses and expanding our services.
This collaboration is grounded in shared professionalism and culture. We continue to broaden our portfolio to remain dynamic and relevant in the industry, expressing gratitude to iTOO, Guardrisk, and our reinsurance partners for their unwavering support. We eagerly anticipate the growth and success of this partnership and the opportunities it will bring to all involved.