In a media release, the Prudential Authority (PA) announced that it has succeeded in its High Court application to have Constantia Insurance Company Limited (CICL) placed under provisional curatorship. This will be reviewed on 06 December 2022 and only applies to Constantia’s non-life insurance license. According to the PA, there has been a long-standing concern over the non-life insurance division’s capital levels since June 2019. Conduit Capital, the owner of the Constantia business, said it is committed to working with the PA to expedite the recapitalisation of CICL and confirmed that CICL remained a going concern.
