Dear Business Partner,

We are writing to inform you that your current insurance policy, underwritten by AIG South Africa and administered through Southern Cross Risk Managers (an authorised Financial Services Provider, FSP 14874), will transition on 1^st October 2025.

We are pleased to advise that we have secured terms with Leppard & Associates (Leppard), a highly respected specialist underwriting agency. Leppard has an established track record of delivering tailored insurance solutions, underpinned by strong technical expertise and a deep understanding of complex Liability and Professional Indemnity risks.

Leppard & Associates (FSP 274) operates under a binder agreement with Lombard, a specialist insurer with over 34 years of experience, writing Built, Fiduciary, Financial Professionals, Legal, Miscellaneous PI, Broadform Liability, Security Liability, Directors and Officers Liability, and Financial Institutions Crime and Civil Liability.

What is changing for you as a policyholder at policy renewal?

• Your existing top-up liability policy will transition to Lombard / Leppard on its renewal date commencing 1^st October 2025, rolling renewals until 30^th September 2026.
• New policy terms will be offered under Lombard / Leppard effective from 1^st October 2025.

Rationale behind the move

Due to an excessive increase in premiums proposed by AIG, after careful evaluation, we have secured a partnership with Leppard and Associates (Pty) Ltd. Their extensive experience and proven ability to manage complex insurance facilities ensure continuity of quality service and technical expertise.

Their commitment to service excellence aligns with our values, and we are confident this transition will enhance your overall experience. Leppard’s adaptability to evolving market and regulatory conditions, coupled with proactive risk management, guarantees competitive terms and tailored solutions to meet your needs.

The current cover and value-added products will be maintained. Additional value-added products are being explored and will be shared with you in due course. We are excited about this transition as it strengthens the specialist service you’ve come to expect.

Key Points of the Transition

• Your existing policy with AIG will transition to Leppard on its renewal date.
• New policy terms will be offered under Lombard effective from 1^st October 2025.
• We will ensure that the new policy’s terms and conditions meet your needs.
• Your cover will remain uninterrupted for a seamless transition.

Premium Change

• Existing Business Pricing: Commencing with Frontline/SCRM renewals on 1^st October 2025, rolling until 30^th September 2026.
• New Business Pricing: Effective from 1^st October 2025.
• Premium: [Details to be confirmed]

Please find below a summary of observations regarding coverage scope, key differences, and notable exclusions between the two policies:

Coverage Limits and Territorial Scope

• Leppard Policy: Provides global cover, except for claims arising under the laws of North America.
• AIG Policy: Lists Southern African countries (RSA, Lesotho, Botswana, Malawi, etc.) as its territorial scope. Claims may arise internationally, but judgments must be obtained within the listed jurisdictions.

Key Differences

Common Exclusions

• Liability arising from aircraft use
• Business or professional activities
• Motor vehicle use (unless covered by primary policy)
• War and terrorism
• Nuclear risks
• Asbestos and silica exposure
• Pollution (unless sudden and accidental)

Notable Differences in Exclusions