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SENS announcement - MMI and Guardrisk - Appointment of New Credit Rating Agency and Notice of Rating

Published: May 27, 2016 8:00:00 AM South Africa Standard Time

MMI and Guardrisk would like to advise note-holders that they have appointed Moody’s Investors Service as their new credit rating agency.

MMI advised note-holders on 10 March 2016 of the extended validity period to 31 May 2016 relating to the ratings assigned to MMI and Guardrisk by Fitch Ratings. MMI and Guardrisk would like to advise that they have appointed Moody’s Investors Service (“Moody’s”) as their new credit rating agency.

On 27 May 2016, Moody’s assigned a Aaa.za national scale insurance financial strength (IFS) rating and a Aaa.za long-term issuer rating to MMI Group Limited (MMIGL). Moody’s also assigned a Aa2.za rating to MMIGL’s unsecured subordinated notes on the national scale. Moody’s commented that MMIGL’s rating reflects its top tier market position in South Africa, its solid capital position and its flexible product characteristics.

Moody’s further assigned Aaa.za national scale IFS ratings to both Guardrisk Insurance Company Limited (Guardrisk Insurance) and Guardrisk Life Limited (Guardrisk Life), while a Baa2 global scale IFS rating was assigned to Guardrisk International Limited PCC, incorporated in Mauritius (Guardrisk International). The ratings of Guardrisk reflect its good market position as the largest cell captive insurer in the South African market, its low underwriting risk due to its fee based model, its diverse product mix across life insurance and short-tailed non-life insurance lines, and strong and consistent profitability.


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