African Bank sets up Guardrisk Life cell captive
Africa Bank and Good Bank have set up with cell captive with Guardrisk Life.
African Insurance Group, the cell captive to be underwritten by Guardrisk Life, represents the final steps of the restructuring of African Bank, which was placed into ‘curatorship’ in 2014 following financial difficulties.
The funding arrangement is to be transferred to Good Bank on 4 April and subject to anticipated conclusion of a Good Bank restructuring proposal.
The Guardrisk cell captive commenced operations on 17 January 2016 and will provide credit life and other insurance underwriting arrangements for African Bank’s new business.
