Established in 1997
Pacific Re Limited is incorporated in Papua New Guinea and commenced operation in 1997 to conduct reinsurance business activities. The company transacts business from the capital of Papua New Guinea, Port Moresby having business relationship within the Papua New Guinea market, in the Pacific Region, Micronesia, Timor Leste and New Zealand.
The company has strong security support from worldwide panel of reinsurers mostly with “AAA” rating by Poor’s and Standard Rating Agency to provide secure and competitive business services to the insurer industry both locally and within Pacific Region. Pacific Re underwriters exercised due diligence and prudent underwriting best practice approach to mitigating challenges and identifying new business opportunities, in new territories for both facultative and treaty placements which require technical skills to provide solutions that will suit the needs of the customers.
Pacific Re is the only professional reinsurer based and operating within Papua New Guinea and the Pacific Region since 1997 equating to 24 years of existence. Over the past years of operation, Pacific Re has faced daunting challenges in recent times but continue to provide reinsurance protection to its clients upholding best insurance standard practice. The company has competitive advantage as a monopoly reinsurance company operating in PNG and Pacific.
To be a provider that enables the delivery of dynamic quality reinsurance solutions that offers strong security combined with excellent service to all our business partners that value team members and enhance shareholder’s wealth
To be the partner of choice for the provision of reinsurance solution and risk management services delivered by a team of highly skilled professional.
The Head Office of the Company is located in the Capital of Papua New Guinea, Port Moresby. Since the formation of the Company Pacific Re has created a strong presence in the market within Papua New Guinea as well as the Pacific Region, establishing long-term relationships with all the insurers within the various territories. The company is constantly expanding its operation whereby business opportunities arise that requires professional solutions to suit the needs of the all valued customers. Thus, the company is currently forecasting on its capacity to collectively and promptly attend to various needs that require improvements. However, Pacific Re operates via the media of reinsurance brokers for treaty placements, whilst directly with clients and or their reinsurance brokers for facultative support. The Company provides services for customers by anticipating and listening to their needs, whilst acting upon the needs in an efficient and effective manner to provide real solutions. Pacific Re is dedicated to provide the ultimate in standards of service to our current and potential new customers thus ensuring the customers experience with our Company is second to none.
The growth of the Company has only been achieved through the commitment to our customers to ensure that long-term partnerships are created and retained. Pacific Re works closely with their customers to obtain an intimate knowledge of the countries’ environments together with the markets that they operate within, adapting to change as and when required in a truly professional manner, enabling superior products to be specifically designed to meet the needs of customers. The company also strives to be the preferred regional reinsurer of choice, whilst being focused on the customer’s needs.
STRENGTHS & COMPETENCIES
Pacific Re is a monopoly reinsurance company in the Papua New Guinea and pacific, having such competitive advantage thus provides the opportunity for the company to achieve its desired aims and become competitive in the market. The company over the past years face significant challenges which build the strength to foresee and make applicable change whenever required. To become competitive despite the current trends in the economy, government and insurance industry the company focus is basically on constantly building its capacity in terms of finance, underwriting capacity, assets, market, and professional human resource to drive and capture the market opportunity and sustain a sustainable development of the company.