Guardrisk has increased its stake in specialist insurance underwriter, Partner Risk Solutions to 51%.

“Increasing our shareholding in Partner Risk Solutions is the next phase of our long stated, and ongoing, strategy of acquiring accretive businesses to bolster our underwriting capabilities, as we expand Guardrisk General Insurance’s conventional underwriting offering,” says Richard Eales, Managing Executive, Guardrisk Insurance.

Partner Risk Solutions, has been an underwriting management agent (UMA) of Guardrisk since its formation, by former Guardrisk employee, Gareth Baines, in 2017. The business was born as a direct response to the need for a hub of underwriting excellence for large commercial risks in the Southern African region.

“A key differentiator for Partner Risk Solutions in the large commercial risk space is its novel ‘Payback” low claims bonus, which is funded by up to 5% of the business’ gross written premium,” says Gareth Baines, Managing Director, Partner Risk Solutions. Payback is distributed to qualifying clients for the main purpose of investing in agreed risk improvements.

According to Eales, nothing material will change following the increased shareholding and it’s “business as usual” at Partner Risk Solutions, which will continue to operate as a Guardrisk UMA.