Guardrisk Life Insurance is one of the most renowned corporate insurer focusing on cell captives insurance. The company is affiliated to Guardrisk Holdings Limited, its holding company who in turn is a wholly owned subsidiary of Alexander Forbes. This strategic affiliation has given Guardrisk Life Insurance the stability and competitive edge that it requires and the company has since its inception in 1999 seen its net premium market share grow to 37% of the specialised cell captive market market. The company provides the best insurance solutions tailored for your corporate needs and effective risk management services, a critical requirement for all business operations in our current economic climate.
A cell captive refers to a contractual arrangement which is ratified by the issue of a special class of ordinary shares through which Guardrisk Life Insurance is able to extend its licence to another organisation or “cell owner”. In such a case Guardrisk Life Insurance insures the cell owners’ own risks also known as 1st party cell and insures the risks and/or lives of its customers or members, also known as a 3rd party cell. Each cell operates independent of each other with all the risks and rewards associated with certain insurance activities accruing to the cell shareholder. Based on their individual risk profile, each cell is required to hold adequate capital reserves in accordance with the Financial Services Board (FSB) regulations.
Short-term Life Insurance Contracts without Fixed Terms
This includes policies which protect policyholders in the event of a claim event such as disability or death. Short-term life insurance contracts include funeral contracts, group life assurance and credit life policies.
Long-term Life Insurance Contracts with Fixed and Guaranteed Terms
These type of contracts insure events such as retirement, morbidity and mortality. There is an option for a single premium with a maturity of up to 5 years or a recurring premium payment with a maturity of up to 40 years.
Long-term Life Insurance Contracts without Fixed Terms
Insured events include retirement, morbidity and mortality. There is also an obligation on Guardrisk Life Insurance to pay policy holders 100% of the latent surplus and eligible surplus on all contracts.
Guardrisk Life Contact details:
Tel: 011 669-1000