YuLife, an employee benefits and life insurance provider, will utilise Guardrisk’s cell captive to roll out its products in South Africa.
Guardrisk is the leading cell company specialists in South Africa with vehicles in Mauritius, Gibraltar and South Africa itself, writing corporate P&C risk, life, affinity and tailored risk solutions.
YuLife, which was founded in London in 2016, is now expanding to South Africa with its group risk protection (life, income protection, lump sum disability and funeral cover).
“We are excited to be working together with YuLife to bring cost-effective insurance solutions to customers in South Africa,” said Herman Schoeman, CEO of Guardrisk Life.
“As a company rooted in innovation, partnering with such a forward-thinking company like YuLife that shares our commitment to meeting customers’ needs makes good business sense.
“We look forward to developing our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and protection provider.”
YuLife has also recently expanded into the United States, and now covers more than 600k group policyholders across small to large businesses, with over $50bn of coverage in place.
YuLife says it has seen more than five times growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to $206M.