Our milestones

2015

  • Guardrisk’s gross premium grew to R13,3 billion*
  • Cell shareholders’ funds reached R3.7 billion* and assets increased to R15,4 billion*
  • Guardrisk was confirmed as SA’s 4th largest short-term insurer in KPMG’s The South African Insurance Industry Survey 2015. The survey also identified Guardrisk as one of only three top 10 companies to post growth levels in excess of the industry average.
  • In April 2015 independent rating agency, Empowerdex awarded Guardrisk a level two broad-based black economic empowerment rating.

* For the 15 months ended 30 June 2015




2014

  • Guardrisk joins the MMI Holdings family when the sale of Guardrisk to MMI Holdings is approved by the Financial Services Board and the South African competition authorities.
  • Guardrisk’s gross premium increased by 6% to R9,6 billion
  • Total assets grew by 9% to R13,6 billion.
  • Cell shareholders’ funds increased by 20% to R2,9 billion.
  • In October 2014, PWC’s Strategic and Emerging Trends in Insurance Markets in South Africa, Kenya and Nigeria survey again recognised Guardrisk as SA’s leading alternative risk transfer insurer. This is based on a peer ranking that considers success (performance, presence and momentum) as opposed to mere size.
  • In December 2014 Fitch Ratings awarded Guardrisk Insurance and Guardrisk Life National Insurer Financial Strength ratings of AA+(zaf); and Guardrisk International Limited PCC an Insurer Financial Strength rating of BBB+.



2013

  • Leading international ratings agency, Fitch Ratings awards ratings to three companies in the Guardrisk Group: Guardrisk Insurance and Guardrisk Life receive National Insurer Financial Strength (IFS) ratings of ‘AA(zaf)’; and the group’s Mauritius operation, Guardrisk International Limited PCC, gets an International IFS rating of ‘BBB’.
  • Guardrisk is recognised as South Africa’s leading alternative risk transfer insurer PWC’s biennial Strategic and Emerging Issues in South African Insurance 2012 (fifth time in a row).
  • Guardrisk celebrates 20 years of excellence as a diversified international group, notching up total premium income of R9,1 billion, with total assets under management of R12,5 billion and 245 cells.
  • Guardrisk is one of only eight companies allowed to start the process of their own internal capital model.
  • Empowerdex awards Guardrisk a level 3 black economic empowerment rating, in terms of the new Financial Sector Charter codes.



2012

  • Guardrisk refreshes its brand, launching a new, modern logo that reinforces the symbiotic relationship between our iconic honeycomb and bee.
  • Financial Services Board accepts for Guardrisk to start the pre-application process of its risk-based capital model, in preparation for Solvency Assessment and Management (SAM).
  • An in-house bespoke underwriting system is developed by Guardrisk for key product line in health insurance market.
  • Guardrisk Insurance’s domestic claims paying ability is reaffirmed by Global Credit Rating Co.
  • Guardrisk Life’s –AA domestic financial strength rating is reaffirmed by Global Credit Rating.



2011

  • Empowerdex gives Guardrisk a Level 2 black economic empowerment rating.
  • Guardrisk is recognised by the Department of Mineral Resources as one of a handful of insurers from which mining rehabilitation guarantees will be accepted.
  • Guardrisk Insurance’s domestic claims paying ability is reaffirmed by Global Credit Rating Co.
  • Guardrisk Life’s –AA domestic financial strength rating is reaffirmed by Global Credit Rating.
  • Guardrisk collaborates with a local underwriter to underwrite new renewable energy projects in South Africa.



2010

  • Gross premium income, excluding reinsurance inwards, increased by 15% to R4,6 billion; and gross premium income written in clients’ cells increased by 10% to R2,9 billion.
  • Total assets rose by 9% to R6,8 billion; and cell shareholders’ funds grew 10% to R1,48 billion.
  • Independent rating agency, Empowerdex, upgraded our rating status to level three, which means that – combined with our value-adding supplier certification – for every R100 spent with us, Guardrisk clients can claim R137,50 towards their own BEE preferential procurement spend.
  • For the fourth time in a row, we’re voted SA’s number one alternative risk transfer (ART) insurer in PWC’s Strategic and Emerging Issues in South African Insurance 2010 biennial survey. This peer ranking is based on success (through performance, presence and momentum) as opposed only to size.
  • Guardrisk Insurance’s AA domestic claims paying ability rating was reaffirmed by Global Credit Rating Co in October 2009 – and we are still the country’s highest rated cell-captive short-term insurer.
  • Guardrisk Life’s domestic financial strength rating of AA- was also reaffirmed by Global Credit Rating Co in October 2009 – and we remain South Africa’s only independently rated cell-captive life insurer.
  • KPMG’s South African Insurance Industry Survey 2010 ranked Guardrisk as South Africa’s seventh largest short-term insurer and its largest cell-captive short-term insurer.
  • And – according to an independent international survey by Business Insurance in August 2010 – we are still the world’s largest specialist captive insurance group of its kind (in US dollar terms).



2009

  • Gross premium income, excluding reinsurance inwards, increased by 17% to R3,9 billion; and cells’ gross premium income increased by 15% to R2,6 billion.
  • Total assets rose by 8% to R6,2 billion; and cell shareholders’ funds grew 21% to R1,3 billion.
  • In November 2008, for the fifth year in a row, an independent international survey confirmed Guardrisk’s position as the world’s number one specialist captive insurance group of its kind (in US dollar terms).
  • Guardrisk once again secured the top position in PricewaterhouseCooper’s Emerging Trends and Strategic Issues in SA Insurance 2008 survey, which named us as South Africa’s top alternative risk transfer (ART) insurer.
  • In KPMG’s South African Insurance Industry 2008 survey Guardrisk Insurance is ranked as the country’s fifth largest short-term insurer and its largest specialist short-term insurer.
  • In October 2008, Guardrisk Insurance’s “AA” domestic claims paying ability rating was confirmed by Global Credit Rating Co.
  • Guardrisk Life’s “AA-” financial strength rating was confirmed by Global Credit Rating Co in October 2008.
  • Guardrisk recently received a “Level 4 BEE Rating” from independent rating agency, Empowerdex.



2008

  • Gross premium income grew by 18% to R4 billion; total assets increased by 19% to R5,7 billion; and total shareholders’ funds rose 20% to R1,1 billion.
  • Guardrisk’s position as the world’s number one specialist captive insurance group of its kind (in US dollar terms) affirmed for the fourth year running in November 2007.
  • PricewaterhouseCooper’s Emerging Trends and Strategic Issues in SA Insurance 2008 survey names Guardrisk as South Africa’s top alternative risk transfer insurer.
  • Guardrisk Insurance’s “AA” domestic claims paying ability rating confirmed by Global Credit Rating Co in December 2007.
  • Guardrisk Life’s “AA-” financial strength rating confirmed by Global Credit Rating Co in December 2007.
  • Guardrisk received a “BBB” black economic empowerment (BEE) rating from independent rating agency, Empowerdex in November 2007, which certifies it as a “level five contributor” in terms of the Department of Trade and Industry’s Generic Codes’ scorecard.



2007

  • Gross premium revenue increased by 21% to R3.4 billion.
  • Assets grew by 20% to R4.8 billion.
  • Total shareholders funds increased by 23% to R926 million.
  • Guardrisk's "AA" domestic claims paying ability rating from Global Credit Rating Company is affirmed.
  • Guardrisk Life's financial strength rating from Global Credit Rating is upgraded to "AA-".
  • Guardrisk's sister company in Gilbraltar, Euroguard, successfully confers to a protected cell company, becoming the first Gibraltar based contractual cell company to do so.



2006

  • Guardrisk Life R1 bn of assets under management.
  • Gross premium revenue reaches an all time high of R2,8 billion.
  • Assets rise to R4 billion.
  • Total shareholders funds increased by 26% to R829 million.
  • Guardrisk is rated, by its peers, as the top alternative risk transfer insurer in PricewaterhouseCoopers Emerging Trends and Strategic Issues in SA Insurance 2006.
  • Guardrisk Insurance's "AA" domestic claims paying ability rating from Global Credit Rating Company is reaffirmed.
  • Guardrisk Life receives it's third successive "A+" financial strength rating from Global Credit Rating Company.
  • Independent rating agency, Empowerdex Economic Empowerment, awards Guardrisk a "BBB" rating for Broad Based Black Economic Empowerment, which indicates a black empowered company that is a satisfactory contributor to black economic empowerment.
  • In November 2006 an independent international survey confirmed Guardrisk as the world's number one specialist insurance group of its kind in US dollar premium terms, for the third year running.



2005

  • Gross premium written increased by 16% to R2.513 bn.
  • Total shareholders funds (including cell clients) increased by 26% to R649m
  • In November 2005, an independent international survey Guardrisk confirmed as the world's number one specialist captive insurance group of its kind in US$ terms, for the second year running.
  • Guardrisk Insurance "AA" domestic claims paying ability rating reaffirmed by Global Credit Rating Co.
  • Guardrisk Life receives its second "A+" financial strength rating from Global Credit Raing Co.
  • We formalized our Black Economic Empowerment (BEE) credentials with the publication of our first BEE brochure.
  • Guardrisk expanded its global footprint via Alexander Forbes acquisition of Euroguard Insurance Company Limited, a cell captive insurer domiciled in Gibraltar.



2003

  • Guardrisk celebrates a decade of vision, innovation and dedication
  • The group's gross premium income exceeds R2bn
  • Guardrisk Life's premium income grows by 118% to R503m
  • "A+" financing strength rating awarded to Guardrisk Life by Global Credit Rating Co
  • An independent, international survey confirms Guardrisk's position as the world's second largest specialist cell and rent-a-captive group (in US$ terms).
  • Guardrisk extends its operations to Namibia



1998

  • Premium income rises 75% to R843m with assets under management reaching R1bn
  • Guardrisk Insurance awarded domestic claims paying ability rating of "AA" by international rating agency, Duff & Phelps (now Global Credit Rating Co)
  • Formation of Mauritian operations, Guardrisk International and Guardrisk Insurance Management Limited



1992

  • Incorporation of Guardrisk first cell captive insurer in the world