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Compass Insure appoints a new MD

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  • Compass Insure

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Specialist insurance company Compass Insure, a subsidiary of Hannover Re Group Africa, has appointed Ismail Ismail as its new managing director, with effect from 1 October 2020. 

Ismail is the current Finance Director. He will take over the leadership role from the current MD Paul Carragher who has accepted a position within the Hannover Re Group, as head of the Canadian branch. 

Ismail has been an integral part of Compass Insure for the past ten years, having joined the specialist insurer in 2011. He started as Technical Finance Manager and was promoted to Finance Director in January 2017. He has served on the Compass Insure board since January 2016. Prior to joining Compass Insure, Ismail completed his studies as a Chartered Accountant, and his articles of clerkship with KPMG in South Africa. He has an MBA from the Gordon Institute of Business (GIBS). 

Said Achim Klennert, Chairman of Compass Insure and CEO of Hannover Re Group Africa: ‘We look forward to Ismail and the team taking Compass Insure to the next level of success. Ismail has sound business acumen, deep roots at the company and wide exposure to the specialist insurance model. His knowledge of all aspects of finance has contributed significantly to the robust platform that Compass now enjoys. We expect that his appointment will create business stability and continuity, whilst allowing us to explore and leverage fresh opportunities; as the country moves slowly out of the Covid 19 stalemate into a more expansive mindset.’ 

Asked about his vision for the company, Ismail said: ‘It is a privilege to take on the challenge of leading Compass Insure through the next stage of growth. I look forward to building on the strong foundations that have been created over the past decade. Our focus will be on creating value for our stakeholders; especially policy holders, brokers, specialist insurance partners, employees and shareholders. 

‘I want to continue the current trajectory – focusing on a sustainable business model, a culture of accountability and mutually beneficial results; whilst also exploring fresh possibilities and opening new doors. 

‘One of the best parts of my time as finance director has been the chance to develop rewarding and enduring relationships – even when circumstances and conversations got tough. I look forward to further investing in these relationships and growing new ones within the Compass Insure stable.’ 

Acknowledging the out-going MD: Achim Klennert said that he would like to thank Paul Carragher for his leadership over the past ten years. ‘Paul has been an example of foresight and steadfastness in building a very solid business and we wish him well on the road ahead. We will watch him from a distance, as he will no doubt make his new challenge as Head of Hannover Re (Canada), another successful chapter of his professional journey with the Hannover Re Group.‘ 

The appointment is subject to the finalisation of regulatory protocols being concluded.

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