18 February 2022
The Guardrisk Group has had its credit ratings reaffirmed by Moody’s Investors Services. The group’s local businesses, Guardrisk Life and Guardrisk Insurance (non-life), are both rated Ba2 on the global scale, and Aaa.za on the national scale; while its Mauritius business, Guardrisk International, is rated Baa2 negative. Guardrisk’s ratings are constrained by the sovereign credit environment (Government of South Africa Ba2, negative).
According to the credit opinion issued by Moody’s on 24 January 2022, these ratings “reflect [Guardrisk’s] good market position as the largest cell captive insurer in the South African market, low underwriting risk due to its predominantly fee-based model, diverse product mix across life insurance and short-tailed non-life insurance lines, and strong profitability”.
“The ratings confirm the financial strength and stability of the group’s companies and provide reassurance to all stakeholders, and particularly clients and policyholders, by giving an independent view of key indicators,” says Herman Schoeman, CEO of Guardrisk.