CHARLESTOWN, NEVIS, May 11, 2016
SKY RE Facultative and Treaty Ltd. Announced today that it has entered into a treaty reinsurance arrangement with GIC-Bhutan Re – Bhutan’s first reinsurer.
Per its 2014 Annual Report, GIC-Bhutan Re, “… is a Joint Venture (FDI) Reinsurance Company with total paid up capital of Nu.500 million, promoted by two local Promoters viz; Dasho Sangay Wangchuk, chairman of Druk PNB Bank, Bhutan and Aum Damchae Dem, Chairperson of Pelden Group of Companies, each holding 17% share in the Company. General Insurance Corporation of India, (reinsurance company wholly owned by the Government of India) and the sole Indian Reinsurer, partners GIC-Bhutan Re Ltd holding 26% share. The balance 40% has been offered to the Public through Initial Public Offiering. Although it primarily reinsures risks within Bhutan, it also has written risks primarily in other parts of Asia.”
GIC-Bhutan Re logo
Leticia Nisbett-Dore, the Chief Executive Officer of SKY RE noted that, “Bhutan is an interesting insurance market for a few reasons First, the industry in Bhutan was not established not by holders of captial seeking profits in insuring and managing risks, but by Bhutan’s king who recognized the need for insurance in the country and had Bhutan’s first insurance company established by Royal Charter. Notably it was not until 2009 that Bhutan had a second insurer domiciled in the country. It also is a market with a relatively low penetration that has room to grow and expand. Also, insurance in Bhutan is seen as a contributor to its metric of Gross National Happiness as well as a business enterprise.”
SKY RE appreciates earning the trust of GIC-Bhutan Re as well as Alliance Insurance Brokers Pvt Ltd, who was the broker in the transaction.
SKY RE Facultative and Treaty Ltd (www.sky.re) is an internationally oriented Reinsurer with the policies backed by the exceptional financial strength and solid claims-paying ability of our capital providers. With a global presence, our team collaborates to deliver exceptional service to our clients across the world. Our broad reinsurance underwriting capabilities include property, catastrophe, casualty, professional lines, and specialty lines including trade credit, surety, global weather, aviation and space, marine and energy, agriculture and personal accident.
Marc Estrella, CPCU, CIDM
SKY RE Facultative and Treaty Ltd.