Western Pacific Insurance (WPI), a local insurance company launched in Papua New Guinea in 2017, has signed a Memorandum of Understanding with ArgoGlobal Underwriting Asia Pacific for the provision of products and services within financial lines insurance.
Under the MOU, signed in May 2018, WPI will offer Professional Indemnity, Directors & Officers Liability and Medical Malpractice products and services to companies and individuals operating in Papua New Guinea, being the first local insurance company to offer these technical lines in the country as specialty products.
Technical underwriter training has been conducted in Papua New Guinea by ArgoGlobal specialists, localised proposal forms and policy wordings have been developed in conjunction with ArgoGlobal and the range of products has been rolled out to the local broking community.
WPI offers maximum policy limits for these classes of insurance of PGK20m ($6.1m) and one claim, and in the aggregate where indicated, and will enjoy the financial capacity, technical and servicing support, in terms of product advisory, underwriting guidance and claims handling, of the Singapore office of ArgoGlobal.
Mr Dennis Reva, CEO of Western Pacific Insurance, said, “We are proud of both partnering with a top echelon Lloyd’s syndicate, combining our local reach with their technical prowess in these financial lines risk classes, and also in bringing these specialist classes into the ambit of the local Papua New Guinea insurance market’s product and service portfolio. The more technical risk classes that can be offered and underwritten locally, the stronger will become the local insurance market over time.”
Mr Francis Lim, Financial Lines Underwriter at ArgoGlobal Singapore, added, “We are excited about collaboration with Western Pacific Insurance as it provides us with a strong distribution channel for our bespoke financial lines products in the Pacific insurance market and will support our growth in the region.”
WPI was established and licensed in Papua New Guinea on 2nd March 2017 as a general insurer. WPI is located in Port Moresby and has branch offices in Mount Hagen and Lae. Underwriting expertise for these risk classes is focussed at present in Port Moresby. The company is wholly owned by Papua New Guinea shareholders.
ArgoGlobal Underwriting Asia Pacific is a dedicated service company for ArgoGlobal syndicate 1200 at Lloyd’s and provides a full underwriting service for the Asia Pacific region. Established in 2014 and located within the Lloyd’s platform in Singapore, ArgoGlobal is focussed on serving the needs of brokers and clients throughout the region within the specialist classes underwritten. ArgoGlobal is part of Argo Group International Holdings which is headquartered in Bermuda and listed on the New York Stock Exchange.