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CIC expands business to Papua New Guinea
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Posted on Apr 06 2008
Century Insurance Company, a Saipan-based affiliate company of Tan Holdings Co., has become the first insurance company in the Micronesian Region to venture out to another part of the Pacific Region by expanding to the nation of Papua New Guinea.
After initial talks began with various PNG insurance officials in 2006, and subsequent meetings and paperwork was completed, the new company finally registered as CIC (PNG) Ltd and received its License approval from the Office of the Insurance Commissioner (OIC) on February 20, 2008. The Company will officially commence its operations on April 1, 2008 at Level 1 Aon Haus, McGregor Street, Port Moresby.
CIC is rated B+ by A.M. Best & Co., is looking to diversify its business into less catastrophic area and will underwrite class of insurance such as Fire, Homeowners, Marine Cargo and Hull, Motor, Workmens Compensation, Public Liability and other Casualty lines.
The Papua New Guinea non-life insurance market accounts for approximately US$60m premium volume and has seen solid growth in earned premiums coupled with a strong underwriting performance over the period 2000 to 2005.
There are just 12 companies operating in the general insurance sector in PNG, of which 7 are foreign owned, 3 nationally owned and 2 joint ventures.
The introduction of CIC (PNG) Ltd will provide the nation of Papua New Guinea, with its population of 5.8 million people, an additional option for their insurance requirements.
The new company will be managed by Lorraine Auna-Toule, a certified insurance professional and fellow of the Australian & New Zealand Insurance Institute. Before joining CIC, she was technical manager for QBE Insurance (PNG) Limited based in Port Moresby, PNG.
CIC has operation in Guam through Aon Insurance Micronesia (Guam) Inc. as its managing general agent and has presence in Palau, Federated State of Micronesia, and Republic of Marshall Islands. [B][I](PR)[/I][/B]
