Guardrisk Mauritius
The Guardrisk companies in Mauritius are 100% owned by Guardrisk Insurance Company Limited of South Africa, a part of Momentum Group Limited, which is listed on the Johannesburg Stock Exchange.
Guardrisk Group Mauritius consists of four Companies/licenses in Mauritius:
Guardrisk International Limited PCC (“GIL PCC”)
Professional Cell Captive reinsurer
Guardrisk Insurance Company Mauritius Ltd PCC (“GICM”)
External short-term Cell Captive insurer
Guardrisk Life International Limited (“GLIL”)
External long-term Cell Captive insurer
Guardrisk Insurance Management Limited (“GIM”)
Insurance Manager
History
GIL PCC, GIM and GLIL were established and domiciled in Mauritius in 1998 as global business companies. The companies are licensed to write business internationally. GICM was established in 2016.
The Guardrisk companies in Mauritius are 100% owned by Guardrisk Insurance Company Limited South Africa, and all together form part of Momentum Group which is listed on the Johannesburg Stock Exchange.
Why work with Guardrisk in Mauritius
Mauritius is an offshore jurisdiction of substance, and a recognised International Financial Centre.
The Insurance Act 2005 is aligned with the International Association of Insurance Supervisors’ standards and principles and focuses on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems, and the protection of policyholders.
The companies are mainly governed by the Financial Services Act 2007, and the Insurance Act 2005, and each of the entities is regulated by the Financial Services Commission in Mauritius.
GIL PCC and GICM are both Protected Cell Companies and cells in these two licenses benefit from additional legal ring fencing certainty as stipulated by the Protected Cell Companies Act 1999.
License conditions and regulatory restrictions for the Guardrisk companies in Mauritius
None of the Guardrisk Mauritius companies has any licence restrictions and can write any product within the various allowable classes of insurance/reinsurance business in Mauritius.
• GIL PCC is licensed to write reinsurance business worldwide and can write composite cellular reinsurance. GIL PCC can also write “rent-a-captive” reinsurance policies.
• GICM and GLIL are allowed to write external insurance business and write non-Mauritian insurance policies. GICM and GLIL can also write “rent-a-captive” insurance policies.
• GIM is allowed to manage insurance business originating from outside Mauritius or for a captive insurance business in Mauritius.
Corporate Governance
Code of Ethics
The Guardrisk companies in Mauritius have adopted the Momentum Group’s Code of Ethics. This code is periodically reviewed according to best practice.
Board Charter
GIL PCC, GICM and GLIL have adopted a Board Charter detailing the functionality of the Board and its Committee. This charter is periodically reviewed according to best practice.
Key senior governance positions
| Title, Name & Surname | Executive / Non-Executive | Guardrisk Insurance Management Limited | Guardrisk International Limited PCC | Guardrisk Life International Limited | Guardrisk Insurance Company Mauritius Limited PCC |
|---|---|---|---|---|---|
| Mrs Karuna Obeegadoo | Non-Executive | – | Independent | Independent | Independent |
| Mr Vikram Ramlochun | Executive | Managing Director | Managing Director | Managing Director | Managing Director |
| Mr Richard Eales | Executive | Director | Director | Director | Director |
| Mr Graeme Henderson | Executive | Director | Director | Director | Director |
| Mr Aslam Koomar | Non-Executive | – | Non-Executive | Non-Executive | Non-Executive |
| Mrs Su Lin | Non-Executive | – | Independent | Independent | Independent |
| Mr Boopendradas Sungker | Non-Executive | Non-Executive | Non-Executive | Non-Executive | Non-Executive |
| Mrs Jessica Kutumela | – | MLRO* | Risk Officer and MLRO* | Risk Officer and MLRO* | Risk Officer and MLRO* |
| Mr Lerato Mokgosi | – | – | Compliance Officer | Compliance Officer | Compliance Officer |
| Mrs Sonia Balgobin | – | DMLRO** and Compliance Officer | DMLRO** and Compliance Officer | DMLRO** and Compliance Officer | DMLRO** and Compliance Officer |
* Money Laundering Officer
** Deputy Money Laundering Officer
Complaint Process
Our attached complaint process document illustrates how a client can make a complaint through the applicable channels.
Data Privacy Principles
The Guardrisk Mauritius companies manage data as per the Data Protection Act 2017 and have adopted a Data Privacy Policy. Should you require more information on how we protect your personal data, please do not hesitate to contact the Data Protection Officer on sonia.sanassybalgobin@guardrisk.co.za or on (230)4540030.
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