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18 April 2018
International rating agency, Moody’s Investor Service, recently confirmed the ratings assigned to three companies in the Guardrisk Group, which is a subsidiary of JSE-listed MMI Holdings.
Guardrisk Insurance and Guardrisk Life are both rated Baa3 on the global scale and Aaa.za on the national scale; and Guardrisk International is rated Baa3 on the global scale.
According to the agency’s credit opinion these ratings are based on the group’s “good market position as the largest cell captive insurer in the South African market; low underwriting risk due to its fee based model; diverse product mix across life insurance and short-tailed non-life insurance lines; and strong profitability”.
The confirmation of the Guardrisk entities’ Baa3 global scale IFS ratings comes in the wake of the recent confirmation of the Baa3 debt rating of the Government of South Africa, with stable outlook.
“These ratings give our clients peace of mind regarding the strength and long-term sustainability of the Guardrisk business,” says Herman Schoeman, CEO of Guardrisk.