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Guardrisk Insurance
Guardrisk Insurance is an insurance company that takes a slightly
different approach to most. It is a "cell captive" insurance company servicing
corporate clients, specialising in alternative risk transfer. It is wholly owned
by Alexander Forbes. It began in South Africa 1992 as the world`s first cell
capture insurer. It has a superb track record, as it added additional services
to its suite of offerings. It established an actuarial team to begin offering
actuarial services, and expanded operations to Mauritius, Namibia and Zimbabwe.
Alexander Forbes then acquired Euroguard Insurance Company, a cell captive
insurer based in Gibraltar, thus expanding the reach of Guardrisk.
Along the way, Guardrisk Insurance has received enviable recognition
for its services and the way it does business. It has been awarded A+ financial
strength ratings for three years running, was rated the "top alternative risk
transfer" insurer in a survey in South Africa undertaken by
PriceWaterhouseCoopers in 2006.
The basic approach of Guardrisk is to provide a three-fold service to
clients, encompassing insurance and risk management. Its central focus is on
assisting companies in insuring and financing their risk exposures. They study
the companies` risk exposures and then come up with customised solutions to look
after their needs. These solutions contain three elements, namely preventative
measures, predictable risk and catastrophic risk.
Guardrisk was confirmed as the world`s top captive insurance group in 2005.
So what is the concept of cell captive insurance? It`s essentially based on
equity participation, where a cell captive insurer offers underwriting services,
claims and investment management, and accounting services to client companies,
known as cell owners. Effectively the clients each own their own mini insurance
company, while escaping administrative and other costs.
The insurance products that are provided to cells are primarily in the life
insurance class, including group benefits, health insurance, funeral benefits,
investment protection, post retirement medical cover and pre-funding.
Related Insurance Articles:
- Allan Gray Insurance
- Alexander Forbes Insurance
- Unity Insurance
- Imperial Insurance
- Santam Insurance
- Sanlam Insurance
- SASRIA Insurance
- Regent Insurance
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