CIC names Pacifica Insurance Underwriters as general agent

Pacifica Insurance Underwriters Inc. is expanding its partnership with Century Insurance Co. Ltd. as it becomes only the second insurance company in the Micronesian region to serve as CIC’s general agent beginning Aug. 1, 2004. PIU is an affiliate of Joeten Enterprises while CIC is an affiliate of Tan Holdings Corporation—two locally owned holding companies.

The non-exclusive agency agreement between the two companies allows PIU to represent CIC in the Northern Marianas with the latter becoming the principal underwriter for all non-life insurance lines that include automobile, marine cargo and hull, workers’ compensation, property, and general accident and casualty.

The partnership between the two companies began in 1995 when PIU became a broker for CIC. In June 2004, negotiations to expand the business relationship between the two companies began shortly after PIU’s carrier of over 30 years, Tokio Fire & Marine Insurance decided to pull out from the CNMI.

“It is our great pride to become CIC’s partner in providing the quality insurance services our clients expect from us. We have always chosen to work with the best. Being partners with another locally owned company gives PIU both the confidence and the security that we will continue to meet our clients’ specific needs,” said PIU chief executive officer and president Norman Tenorio.

Tenorio said it did not take a lot of convincing for his company to enter into a partnership with CIC since the latter and its owning company have been known for having the financial capacity, human resources capability, strong customer focus and global networking ability.

“We are extremely pleased and proud of this partnership with Pacifica Insurance which is part of the biggest companies in the CNMI. I am very optimistic that the alliance between Joeten and Tan Holdings will be a successful one,” said Tan Holdings executive vice president Jerry Tan’.

On his part, CIC president David M. Sablan said “I am pleased that PIU has chosen to work with us in the insurance business. It is CIC’s honor and privilege to be a part of this partnership,” said Sablan.

Incorporated in 1988, Century Insurance is also the CNMI’s first full-fledged insurance firm and is an ISO 9001:2000 certified company.