Guardrisk and Absa form cell captive partnership

Absa Insurance Company (AIC) and Absa Insurance and Financial Advisers (AIFA), wholly–owned subsidiaries of Absa Financial Services have each signed an agreement with Guardrisk to provide alternative risk transfer solutions to Absa clients.

“Absa has been providing alternative risk transfer solutions for over 3 years now, however, after reviewing the opportunities for growth within the self-insurance market and the current returns we were achieving for this business, we decided to partner with Guardrisk to provide alternative risk transfer solutions for both existing customers as well as the broader Absa customer base. This partnership will leverage the expertise of Guardrisk’s cell-captive capabilities for Absa customers”, says Edwyn O’Neill, Managing Executive: Absa Insurance Company.

“Together, Absa and Guardrisk can add considerable value to our clients by providing world-class cell captive facilities,” says Willie Lategan, Chief Executive: Absa Financial Services.

Guardrisk MD, Herman Schoeman concurs that the partnership between these two market leaders in their fields, augurs well for both companies.

Speaking at the signing ceremony in Johannesburg on 30 July 2010, Schoeman said: “There is no doubt that the strength of the Absa brand, combined with Guardrisk’s expertise in the cell captive arena, makes for an exciting offering for clients.”

About cell captives:
Before the advent of cell captives, captive insurance (wholly-owned insurance structures that underwrite only the risks of the owner) was reserved for large companies. But cell captives allow companies of all sizes to enjoy the benefits of owning their own insurance company, without the inherent capital requirements, and cost and administrative implications. By providing the client (cell owner) with underwriting, reinsurance, claims management, investment and accounting expertise, the cell captive insurer keeps costs down and gives clients access to a broad base of insurance skills and markets. Guardrisk pioneered the cell captive concept in 1993, forever altering the local insurance landscape.


For further information please contact:
Herman Schoeman, MD of Guardrisk
Telephone: 011 669-1001

Issued by:
Melanie Davis, PR@Work:
Telephone: 011 615-3309 / 083 225 7450