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CCRIF recruiting new insurance manager

Published:Friday | April 13, 2012 | 12:00 AM

The contract for insurance manager of the regional insurance fund, Caribbean Catastrophe Risk Insurance Facility (CCRIF), is up for grabs again following the expiration of the contract held by Sagicor Insurance Managers (SIM).

CCRIF says on its website it is now accepting expression of interest for a suitable licensed firm to provide services as insurance manager for the facility. The bid deadline is April 20.

Cayman-based SIM, a wholly owned subsidiary of insurance group Sagicor Life Jamaica, has managed the facility over the last six years, or for three consecutive two-year terms.

SIM, which has been providing captive insurance management business in Cayman since 1979, provides the corporate secretariat, accounting functions, board management and other related back-office tasks, as well as the necessary interface with regulatory agents for CCRIF.

CCRIF was launched in June 2007 as a regional insurance scheme with Caribbean countries as its policyholders, the first ever pooled regional insurance fund which covers earthquakes and hurricanes.

Sixteen Caribbean countries including Jamaica form the membership base and are policyholders of CCRIF.

For the period since inception up to 2010, CCRIF has paid out insurance proceeds amounting to just over US$32 million.

Annual premium income totalled approximately US$20.8 million at the end of the facility's financial year 2010-2011 for the 29 policies issued for the 16 member countries.