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These are the reasons for the order. For convenience, the parties are referred to as follows: The second respondent, the Registrar of Short Term Insurance, did not oppose the relief and did not feature in the proceedings. Anderson based its relief in reliance on, inter alia, two agreements.
Of which, more later.
Anderson sought an order for the submission of monthly reports on the financial performance of the business, coupled with an order to compel Constantia to continue to pay the monthly recurring expenses of the business estimated at R ,77, outlined in a list attached to the notice of motion.
This amount was about half of the average monthly amount which Constantia had contributed to the business for the 7 month period from November to Maywhich was RThe interim relief was to operate pending the outcome of litigation for the final resolution of the dispute between the parties, including claims for specific performance and damages, via an action or arbitration proceedings.
The following facts were uncontested: A supplementary affidavit deposed to by Kilian was handed up to court during argument to substantiate the above. No objection was raised by Constantia.
The application was initially launched by Anderson, on its own, on 5 Juneon a semi-urgent basis. On 13 Junefollowing the exchange of an opposing affidavit from Constantia on 9 June and a replying affidavit from Anderson, on 13 JuneAnderson brought an application to join Phoenix and Kilian as second and third applicants.
The application was opposed. The joinder application succeeded for the reasons outlined below. It was argued that the application was not urgent and that any urgency was self-created.
It had taken Anderson over 10 court days to launch the application.
Assuming that the joinder application was sustainable, which was denied, none of the applicants enjoyed locus standi for the relief sought. As a necessary corollary to this was the dispute that the IPRA and the SLA were valid and binding IRPA and SLA agreements and accorded the applicants legal rights against Constantia and which obliged Constantia to permit the restoration of the business, as contemplated by the relief sought.
Constantia argued that Paserv Pty Ltd, and the company which Kilian wished to substitute for it, namely, Phoenix, were not parties to any of the agreements, and there was no stipulation alteri therein which either had accepted.
There was no application for rectification to substitute Phoenix for Paserv. In any event, so it was argued, the parol evidence rule precluded the introduction of evidence concerning the context in which the agreements were concluded.
As part of the enquiry justifying interim relief, and in particular, concerning the balance of convenience, it was further argued that the business had run at a loss of millions of rands per month since its takeover in Novemberand this loss was being suffered by Constantia.
For the period from November to AprilConstantia had suffered a net underwriting loss of R3The only month during which a net profit was made was in February The situation had become financially and reputationally intolerable and it could not be expected to continue to run a loss-making enterprise indefinitely.
The issues entailed an analysis of events prior to the takeover of the business on 1 Novembernegotiations revolving around the alleged conclusion of two agreements, occurrences which succeeded this date, and events which culminated in the launch of the application.
The FSB informed Anderson that it had to secure another carrier for the business previously managed by Saxum. On 20 OctoberSaxum was liquidated.
Saxum was the underwriter for at least 13 short-term insurance policyholders who were serviced by no less than insurance brokers or intermediaries. According to Anderson, the business represented a yearly gross written premium of more than R million. It is common cause from the papers that the business was run by Constantia until Constantia terminated its involvement in same, with immediate effect from 17 May Ensurance Limited is an ASX-listed insurance underwriting agency with operations in Australia and the UK.
Sino Insurance group of companies started with the formation of Sino Insurance Underwriting Agencies Pty Ltd in The company is principally engaged in the provision of risk management services and to arrange cover for insurable risks. The managing director and shareholder of the company is Mr.
Chooi Beh. Bashford was an insurance broker authorised by Elders Insurance (Underwriting Agency) Pty Ltd.
Through his company, which was also authorised by Elders, he operated four insurance agencies under the Elders brand. Northwest Insurance Experts have access to a large number of the Major Insurance Companies as well as an array of General Insurance Underwriting Agencies and we offer superior service to our customers with the emphasis on choice of products and professionalism.”.
Insurance Australia Group Limited (IAG) is a multinational insurance company headquartered in Sydney, Australia. IAG was formed by the demutualisation of the NRMA Insurance business in July and a return of shares to the members of NRMA.
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