PhilNaRe cited for contribution in the Philippine insurance industry
November 5, 2007
Locally listed reinsurance company, National Reinsurance Corporation of the Philippines/PhilNaRe (PSE: NRCP), recently took home the Insurance/Reinsurance Industry Contribution Award from this year's Asia Insurance Industry Awards held in Singapore.
Organized by Singapore-based Asia Insurance Review and London-based The Review Worldwide Reinsurance magazines, the Asia Insurance Industry Awards in given once every two years to insurers and reinsurers that have made a significant impact in the industry.
“It is an honor to accept this award from one of the most highly respected award-giving bodies in our field,” said Wilfrido C. Bantayan, PhilNaRe President & CEO, who was there to receive the award in behalf of the company.
PhilNaRe has positioned itself as a significant player in the region after going through a capital enhancement exercise earlier this year via initial public offering, raising as much as P2.8 billion and increasing its capacity and retention.
In addition to prividing capacity, the company also offers technical assistance to its insurance company clients in the areas of underwriting, finance and administration.
PhilNaRe continues to support initiatives which promote the industry’s growth and stability, such as the adoption of minimum rates on natural perils and the proposal for the establishment of a Philippine catastrophe insurance pool.
The 11th Asia Insurance Industry Awards lauded a regional cast of 15 winners, including three hailing from the economic powerhouse of China and India, four Southeast Asian companies and six multinational players with a strong Asian presence. This year, the Awards drew over 700 nominations from across the region, proof of how sought after they are as a symbol of prestige.