LOCALLY – owned and operated commercial and personal lines insurance company Sun Insurance Co Ltd has secured reinsurance with top global partners in Singapore and London.
The publicly listed company announced the successful placement of its 2026 reinsurance program in a market announcement to the South Pacific Stock Exchange (SPX) last week, marking a significant milestone in its growth and commitment to serving Fiji’s businesses and communities.
Sun Insurance chairman Padam Lala said the landmark reinsurance arrangement was successfully placed with a distinguished panel of rated international insurers, following strategic negotiations in Singapore and London in June.
He said the positive response from some of the world’s most respected reinsurance companies underscored their confidence in the company’s prudent underwriting practices, solid financial position, and consistent performance.
The new program, he added notably increased their catastrophe protection limited, providing enhanced security and peace of mind for their policyholders.
“This placement not only reinforces our capacity to absorb large-scale natural catastrophe risks but also validates our approach to risk management using the latest impact forecasting models,” Mr Lala said.
“It’s an important step in strengthening our resilience and ensuring we can continue to serve Fiji with confidence.
“This is the first time we have entered the international reinsurance market as a listed company, and we are thrilled with the overwhelmingly positive response. It demonstrates the market’s confidence in Sun Insurance’s strategic direction and future growth prospects.”
Sun Insurance Claims and Underwriting Committee chairman Deven Sharma said through the program, the company had significantly increased its coverage capacity across all major lines of business.
“We have incorporated enhanced limits for key sectors such as commercial property, domestic property, contractors all risk, and public liability, positioning us better to meet the evolving needs of our clients and partners,” Mr Sharma said.
Mr Lala said the enhanced reinsurance program positioned the company for sustained growth while maintaining its low-volatility risk management strategy.
“The increased capacity not only enables us to underwrite larger and more complex risks but also allows us to expand our market presence.
“Most importantly, it ensures continued comprehensive protection against natural catastrophe exposure, reaffirming our commitment to financial strength and stability for our customers and stakeholders.”
Note: This article was first published on the print version of the Fiji Times dated July 9, 2025
