# Risk & Governance URL: https://www.leasesurance.co/risk-governance Title: Risk & Governance: Licensing, Cell Captive & POPIA | LeaseSurance Summary: How LeaseSurance is regulated: FSP 55633, cover underwritten by Guardrisk (FSP 75) inside a ring-fenced cell captive, POPIA data protection and reinsurance. --- Institutional-Grade Governance LeaseSurance operates inside a regulated, capitalised insurance structure. This page sets out who carries the risk, how the cell captive works, and what backs every policy we write. ## Licensed Financial Services Provider {#licensed-financial-services-provider} The LeaseSurance Agent (Pty) Ltd is an authorised financial services provider in terms of FAIS (Financial Advisory and Intermediary Services Act). That licence carries conduct standards, reporting obligations and ongoing oversight. All advice and intermediary services are rendered under it. - **The LeaseSurance Agent (Pty) Ltd** — FSP (Financial Services Provider) 55633 ## Cell Captive Structure {#cell-captive-structure} Cover is provided through a dedicated, ring-fenced cell within Guardrisk's cell captive structure. Capital and reserves are held inside that cell. Your portfolio's risk is not pooled or cross-subsidised with other programmes, so the underwriting result stays with your portfolio. ## Insurer & Cell Owner {#insurer-cell-owner} Underwritten by Guardrisk Insurance Company Limited, an authorised Financial Services Provider and a licensed non-life insurer regulated by the Prudential Authority. LeaseSurance owns the cell that underwrites your policies, so we share in the underwriting result. Our incentive is to price and manage the risk well. - **Guardrisk Insurance Company Limited** — FSP (Financial Services Provider) 75 ## Portfolio-Specific Underwriting {#portfolio-specific-underwriting} Each portfolio is underwritten on its own claims experience, drawn from 24 to 36 months of actual ledger data. Premium rates reflect your portfolio's performance, not a market average. Renewal pricing applies to new leases only. We do not reject claims; we price them in upfront. Structure ## How the Structure Works {#how-the-structure-works} Four parties, each with a defined role. Premium flows one way and claims come back the other, with regulated capital and reinsurance behind both. Premium Tenant Pays the monthly fee Collected with rent, through the existing property management system. Landlord The insured party Holds the cover. Claims are paid to the landlord, not the tenant. LeaseSurance Administrator and cell owner Distributes the product, assesses claims, and owns the cell. FSP 55633. Guardrisk cell Where the risk sits A ring-fenced cell inside a licensed insurer. Premiums in, claims out. Ring-fenced Claims paid back **Guardrisk Insurance Company Limited** Licensed non-life insurer, FSP 75. Carries the licence the cell sits inside. **Reinsurance** Sits above a defined retention, for catastrophe and concentration losses. Data Governance ## POPIA (Protection of Personal Information Act) Compliance & Data Protection {#popia-compliance} Institutional landlords share sensitive tenant data with us. Here is how it is handled. ### POPIA Compliant {#popia-compliant} All tenant data is processed and stored in accordance with the Protection of Personal Information Act (POPIA). Our compliance framework covers collection, processing, storage and disposal. ### Data Sharing Protocols {#data-sharing-protocols} Tenant data shared by landlords and property managers is governed by formal data processing agreements. Each agreement states what is collected, why it is needed, how it is processed and who has access. Data is never shared with third parties outside the insurance structure. ### Security & Access Control {#security-access-control} Only authorised personnel can reach tenant data, under role-based access control. Data is encrypted in transit and at rest. Audit trails record every access and processing activity, and we review security regularly. ## Our Underwriting Approach {#underwriting-approach} LeaseSurance does not apply generic market pricing. Every portfolio is assessed and priced on its own performance data rather than on industry averages. - 24 to 36 months of actual ledger data forms the basis of every risk assessment - Premium rates are calculated per portfolio, from your claims experience and tenant profile - Renewal pricing applies to new leases only: existing tenants are not repriced mid-lease - We do not reject claims; we price correctly upfront so that the product performs sustainably - Underwriting results are ring-fenced inside your dedicated cell. Good performance benefits your portfolio, not someone else's - **Data-Driven Pricing** — 24 to 36 months of ledger data. Portfolio-specific. Never cross-subsidised. ## Reinsurance Protection {#reinsurance-protection} Behind every LeaseSurance cell sits a reinsurance layer. It covers catastrophic and concentration losses above the cell's defined retention. - Reinsurance sits above the cell captive's own capital and reserves - It covers catastrophe events: large-scale losses that exceed normal claims patterns - It covers concentration risk: exposure to a single large portfolio or geographic area - The cell stays capitalised and solvent in adverse scenarios - The structure is protected beyond its first layer of capital - **Layered Protection** — Cell capital → Reserves → Reinsurance. Each layer sits behind the one before it. ## Need to Put Us Through Your Governance Review? {#governance-review} We answer investment committee and compliance requests directly. Tell us what your team needs and we will send the materials. [Request Governance Pack](https://www.leasesurance.co/contact)