Sri Lanka NITF re-insurance deal goes to Everest Re
ECONOMYNEXT – A 985 million rupee re-insurance deal of state-run National Insurance Trust Fund for for 18 months through 2020/2021 had been awarded to Everest Reinsurance Company, the state information office said.
The cabinet of ministers had approved the award by a standing procurement committee following responses to an international tender, on a proposal by the Finance Minister.
The re-insurance bid had been submitted by insurance broker J B Boda & Co (S) Pte Ltd.
Sri Lanka’s general insurers have cede a compulsory 30 percent re-insurance to the NITF.
The NITF in turn buys retrocession cover to cut its risk. (Colombo/July23/2020)