Strategic Insurance wins bid for national reinsurance | Sunday Observer

Strategic Insurance wins bid for national reinsurance

The SIB team
The SIB team

The major reinsurance programs of the country beginning with the National Natural Disaster and Catastrophe (NNDIS), for 2018-19, has again been awarded to and placed by Strategic Insurance Brokers (SIB).

This is the third time that best bids for reinsurance in these vital sectors were tendered by SIB, and NNIDS has been awarded from inception to SIB.

This is a record, said Lee Warner, a professional in the global insurance industry, and CEO of HLAP.

“In effect, SIB is taking reinsurance responsibility for the entire country’s significant risk burden. These are the key sectors in the country’s reinsurance portfolio,” he said..

Director SIB, Indrajith Fernando said, “The panel that we secured comprises specialists in this type of reinsurance, which requires extremely large payouts in case of the risks having to be covered.

The three programs aforementioned — Combine Retro, SRCC & TC and Natural Disaster — go in tandem with each other.” The reinsurance for programs for 2018, were obtained in the teeth of stiff competition, which almost bordered on the unorthodox. Much had to be done to ensure that there was justice and fair play in the process of navigating the tender process, when the competition was, to say the least, not exactly above board in its approach, Fernando said.

“It is only when a disaster of the proportions that we felt in the two years 2016 and 2017 actually happens, that the social responsibility of organisations such as Strategic Insurance Brokers comes into the focus,” said Fernando.

The SIB team includes experienced and qualified people such as Shiranthi Wijegoonawardena, Omardeen Azardeen, Rupika Tennakoon, Piyal Gunawardena, Doreen de Silva, Nilani Peiris, Lakmali Happuarachchi and Indrajith Fernando.