CINICO seeks reinsurance bids

The Cayman Islands National
Insurance Company is inviting tender bids for medical reinsurance.

The successful bidder must provide
cost-competitive terms for the transfer of medical risk to cover some 13,000
policy holders.

The closing date for bids is 7 May.

The successful bidder must have a
minimum A- financial strength rating from AM Best’s or Standard & Poor’s or
an equivalent international rating agency, and a minimum policyholders surplus
of US$100 million for international carriers; US$50 million for North American
carriers.

According to the tender information
documents posted on the Central Tenders Committee website, bids will be
assessed to determine the best value for money rather than the lowest bid.

“Particular attention is drawn to
the reinsurance programme’s costs (reinsurance premiums, net of claims) as well
as the reinsurer’s ability to provide value-added services,” the tender
invitation stated.

Last year, the San
Francisco-headquartered Presidio Excess Insurance Service won the one-year
contract for medical reinsurance with a US$898,720 bid.

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