WrLife still ok?

[Jackson B]

I was also interested in this insurance. Curiously, the LLP registered in London has just 2 employees - one in India and the other in Cambodia. The financial accounts can be seen here: https://find-and-update.company-information.service.gov.uk/company/OC401682/filing-history/MzQyNzUzMDI3NGFkaXF6a2N4/document?format=pdf&download=0

 

Turnover seems ridiculously low for an insurance company.

 

It's obviously a real registered partnership, but I still can't find the actual underwriter, if any.

 

SBC is a local broker, which seems to promote WRLife insurance.

[Henk Langeweg]

1 hour ago, Jackson B said:

I was also interested in this insurance. Curiously, the LLP registered in London has just 2 employees - one in India and the other in Cambodia. The financial accounts can be seen here: https://find-and-update.company-information.service.gov.uk/company/OC401682/filing-history/MzQyNzUzMDI3NGFkaXF6a2N4/document?format=pdf&download=0

 

Turnover seems ridiculously low for an insurance company.

 

It's obviously a real registered partnership, but I still can't find the actual underwriter, if any.

 

SBC is a local broker, which seems to promote WRLife insurance.

There was a thread about this company for a few days because of policy changes but it's deleted now for some reason. Strange ...

[brewsterbudgen]

I guess one never knows until you submit a claim, but I'm in my 3rd year with them and have no complaints.  Even the recent change regarding degenerative illnesses has been explained.

 

Not sure why the thread was deleted though?

[scubascuba3]

8 hours ago, brewsterbudgen said:

I guess one never knows until you submit a claim, but I'm in my 3rd year with them and have no complaints.  Even the recent change regarding degenerative illnesses has been explained.

 

Not sure why the thread was deleted though?

When you say it was explained you mean it came from AA? which it would if the terms of insurance changed

[jerrymahoney]

On 11/24/2023 at 6:44 AM, JBChiangRai said:

IMHO it’s a long game scam, they will pay out small claims but not big ones and will trade until someone stops them.

As per my posts above in this otherwise dormant topic, this from the screenplay Bonnie and Clyde:

 

Farmer: All I can say is, they did right by me - and I'm bringin' me and a mess of flowers to their funeral.

[JBChiangRai]

15 hours ago, Jackson B said:

I was also interested in this insurance. Curiously, the LLP registered in London has just 2 employees - one in India and the other in Cambodia. The financial accounts can be seen here: https://find-and-update.company-information.service.gov.uk/company/OC401682/filing-history/MzQyNzUzMDI3NGFkaXF6a2N4/document?format=pdf&download=0

 

Turnover seems ridiculously low for an insurance company.

 

It's obviously a real registered partnership, but I still can't find the actual underwriter, if any.

 

SBC is a local broker, which seems to promote WRLife insurance.

 

The underwriter is WrLife Participative Insurance Ltd, you will find it regulated by the island of Nevis.

 

I've enclosed a screenshot of the registration together with an organisation chart for WRLife that another AN member obtained direct from WRLife.

[Etaoin Shrdlu]

And here's a link to Lorentz Capital UK Ltd's corporate filings in the UK: https://find-and-update.company-information.service.gov.uk/company/13131191/filing-history

 

Take a look at the statement of accounts as at 31 December 2023.

 

I can't find any information on Lorentz Capital LTD without the "UK" in it. 

 

 

[Jackson B]

6 hours ago, Etaoin Shrdlu said:

And here's a link to Lorentz Capital UK Ltd's corporate filings in the UK: https://find-and-update.company-information.service.gov.uk/company/13131191/filing-history

 

Take a look at the statement of accounts as at 31 December 2023.

 

I can't find any information on Lorentz Capital LTD without the "UK" in it. 

 

 

Indeed, it's a rabbit hole. I can't find Lorentz Capital LTD either. It lent money to the UK company. According to the statement, most of the equity is not cash in bank, so it's curious what is backing up the insurance company. As it is a mutualist model, policy holders own the company, and can earn "points" if they recruit customers. The registration in Nevis leads nowhere... Hard to find any details beyond a listing. But I suppose that's the point of registering an entity in the Caribbean.

 

There's also a dormant company in the UK with 1M pounds capital.

 

The ethical statement is just bizarre:

 

"- Ethics
Ethical solvency: our reserves and saving will be put in ethic assets with ethic partners.
Ethical behaviour: we already have one Insurance licence and one Broker Licence, and we will get more.
Ethical Employment: we want our staff to have shares also, and we will do our best to hold handicapped employees as well.
Indeed even if we are participative, we do not avoid the capitalism and we must have profitability."

 

It's all very curious.

[Etaoin Shrdlu]

1 minute ago, Jackson B said:

Indeed, it's a rabbit hole. I can't find Lorentz Capital LTD either. It lent money to the UK company. According to the statement, most of the equity is not cash in bank, so it's curious what is backing up the insurance company. As it is a mutualist model, policy holders own the company, and can earn "points" if they recruit customers. The registration in Nevis leads nowhere... Hard to find any details beyond a listing. But I suppose that's the point of registering an entity in the Caribbean.

 

There's also a dormant company in the UK with 1M pounds capital.

 

The ethical statement is just bizarre:

 

"- Ethics
Ethical solvency: our reserves and saving will be put in ethic assets with ethic partners.
Ethical behaviour: we already have one Insurance licence and one Broker Licence, and we will get more.
Ethical Employment: we want our staff to have shares also, and we will do our best to hold handicapped employees as well.
Indeed even if we are participative, we do not avoid the capitalism and we must have profitability."

 

It's all very curious.

 

Curious? I think you're being very diplomatic.

[Jackson B]

21 hours ago, brewsterbudgen said:

I guess one never knows until you submit a claim, but I'm in my 3rd year with them and have no complaints.  Even the recent change regarding degenerative illnesses has been explained.

 

Not sure why the thread was deleted though?

Hi there Mr B.

 

I saw in the policy wording that there is a 5-year waiting period for degenerative diseases. Is that in your policy? The premiums are certainly attractive.

[Etaoin Shrdlu]

2 minutes ago, Jackson B said:

Indeed, it's a rabbit hole. I can't find Lorentz Capital LTD either. It lent money to the UK company. According to the statement, most of the equity is not cash in bank, so it's curious what is backing up the insurance company. As it is a mutualist model, policy holders own the company, and can earn "points" if they recruit customers. The registration in Nevis leads nowhere... Hard to find any details beyond a listing. But I suppose that's the point of registering an entity in the Caribbean.

 

There's also a dormant company in the UK with 1M pounds capital.

 

The ethical statement is just bizarre:

 

"- Ethics
Ethical solvency: our reserves and saving will be put in ethic assets with ethic partners.
Ethical behaviour: we already have one Insurance licence and one Broker Licence, and we will get more.
Ethical Employment: we want our staff to have shares also, and we will do our best to hold handicapped employees as well.
Indeed even if we are participative, we do not avoid the capitalism and we must have profitability."

 

It's all very curious.

 

These isn't a "Lorentz Capital Ltd." listed on the Nevis regulator's website as an insurance company (or anything else for that matter), but according to the graphic, this is the insurance entity at the core of WRLife's operations. It is possible that there have been changes and the Nevis regulator hasn't updated the website.

 

 

[Jackson B]

5 minutes ago, Etaoin Shrdlu said:

 

Curious? I think you're being very diplomatic.

You might be right. I read of complaining customers being threatened with defamation. Not sure if that would wash in Thailand, given that all the Thai officers resigned, and the company is not registered here.

[brewsterbudgen]

1 hour ago, Jackson B said:

Hi there Mr B.

 

I saw in the policy wording that there is a 5-year waiting period for degenerative diseases. Is that in your policy? The premiums are certainly attractive.

Yes.

[brewsterbudgen]

14 hours ago, scubascuba3 said:

When you say it was explained you mean it came from AA? which it would if the terms of insurance changed

It was explained to me (and my broker) by Patrick Lorentz of WRLife.

[jerrymahoney]

12 hours ago, Jackson B said:

You might be right. I read of complaining customers being threatened with defamation. Not sure if that would wash in Thailand, given that all the Thai officers resigned, and the company is not registered here.

The above likely refers to a recent Trustpilot entry

 

NB from the 27SEP 2024 WrLife policy document:

 

The following expenses require the prior consent from the Insurer:
-Any non-urgent hospitalization
-Confinement expenses

 

In the event of a non-urgent hospitalization, non-urgent surgery, non-urgent radiography or non-urgent
medical treatment, a medical certificate will be requested from the insurer.
Any failure to follow this obligation could result in a refund being refused.

 

(Same policy language dates to 2022)

[NanLaew]

2 hours ago, jerrymahoney said:

The above likely refers to a recent Trustpilot entry

 

NB from the 27SEP 2024 WrLife policy document:

 

The following expenses require the prior consent from the Insurer:
-Any non-urgent hospitalization
-Confinement expenses

 

In the event of a non-urgent hospitalization, non-urgent surgery, non-urgent radiography or non-urgent
medical treatment, a medical certificate will be requested from the insurer.
Any failure to follow this obligation could result in a refund being refused.

 

(Same policy language dates to 2022)

 

Nothing new in those rules, pretty standard IMHO.

 

My PC insurance requires authorization for non-emergency and/or elective procedures. Bangkok Hospital issues a medical certificate as standard for procedures already agreed to by PC. They will issue a medical certificate for non-emergency and/or elective procedures if requested.

 

Before anyone here claims they can walk-in to any hospital and get a heart transplant without any need for their insurers to pre-approve, consider how long you have had your uninterrupted insurance coverage. Anyone with a comparatively short-term insurance history won't have that luxury. The insurance company's decisions are also weighted on your prior claims history, declared pre-existing conditions, etc..

 

Look it like your credit rating. If you have a rubbish credit rating or no credit history at all, your financial options are either more expensive, restricted, or both.

[JBChiangRai]

It would be helpful to other members if someone started a thread on rejected claims.

[jerrymahoney]

From the most recent Trustpilot entry it states:

I had hip surgery in May 2024, which I paid for and subsequently submitted the costs to WR Life for payment.

[jerrymahoney]

13 minutes ago, JBChiangRai said:

It would be helpful to other members if someone started a thread on rejected claims.

Do it yourself.

[JBChiangRai]

On the subject of Trustpilot positive 5* reviews

 

One is from a Manuel Ollivier, could it be the same one as the business card below?

Another is from a Patrick Lorentz, could it be the same one who owns WRLife?

 

[JBChiangRai]

17 minutes ago, JBChiangRai said:

It would be helpful to other members if someone started a thread on rejected claims.

 

2 minutes ago, jerrymahoney said:

Do it yourself.

 

It wouldn't be appropriate.  I'm not a customer.  I researched them in great detail and I would rather stick pins in my eyes than give them any of my money.

[jerrymahoney]

5 minutes ago, JBChiangRai said:

 

 

It wouldn't be appropriate.  I'm not a customer.  I researched them in great detail and I would rather stick pins in my eyes than give them any of my money.

 Well you may be disappointed because -- at least as per customers who are members on here -- as best I can remember there hasn't been any claim rejections.

[JBChiangRai]

1 minute ago, jerrymahoney said:

 Well you may be disappointed because -- at least as per customers who are members on here -- as best I can remember there hasn't been any claim rejections.

 

My friend Charlie Badenhop posted about them on AN, he had a claim issue, he also wrote about his experience on Trustpilot.

[jerrymahoney]

8 minutes ago, JBChiangRai said:

 

My friend Charlie Badenhop posted about them on AN, he had a claim issue, he also wrote about his experience on Trustpilot.

yes and he received a reply.

[JBChiangRai]

12 minutes ago, jerrymahoney said:

 Well you may be disappointed because -- at least as per customers who are members on here -- as best I can remember there hasn't been any claim rejections.

 

9 minutes ago, JBChiangRai said:

 

My friend Charlie Badenhop posted about them on AN, he had a claim issue, he also wrote about his experience on Trustpilot.

 

Just now, jerrymahoney said:

yes and he received a reply.

 

Nevertheless, he had a claim issue and his views about the company are on trustpilot and they haven't changed following the reply he got.

[jerrymahoney]

So tell him he should start the topic.

[JBChiangRai]

Just now, jerrymahoney said:

So tell him he should start the topic.

 

That's a good idea, I will.

[brewsterbudgen]

1 hour ago, JBChiangRai said:

It would be helpful to other members if someone started a thread on rejected claims.

Is there an insurance company that hasn't rejected any claims?!

 

Seeing as WRLife have become very popular in Thailand due to their competitive pricing, if claims were being unjustly rejected I suspect we'd hear about it, if not on this Forum, then on social media.

[jerrymahoney]

1 hour ago, JBChiangRai said:

One is from a Manuel Ollivier,

And a quick search on M. Ollivier comes up with this:

 

https://www.moorestephens.com/people/manuel-ollivier

[JBChiangRai]

33 minutes ago, jerrymahoney said:

And a quick search on M. Ollivier comes up with this:

 

https://www.moorestephens.com/people/manuel-ollivier

 

Very interesting, that's the same guy and at the same address as his WRLife agency, I wonder why he joined a new company, and I wonder why he expunged all history of WRLife on his LinkedIN and Facebook profiles....

 

What does he know....