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You are here:  Homepage > Tenders > 2013-2014 > CTC/13-14/CINICO/021

CINICO Reinsurance

Tender Details

  • Number: CINICO/021
  • Agency: CINICO
  • Category: Goods & Services
  • Closed: 5-May-14
  • Contact: Mr. Lonny Tibbetts
  • Phone: 345-949-8226

Scope of Health Risk Reinsurance Tender

The Cayman Islands National Insurance Company (CINICO) is seeking a reinsurance partner to assume risk for its health insurance plan covering members who are Civil Servants and Pensioners, including members from Statutory Authorities and Government Companies (Group 30100). In addition to providing cost competitive terms for the transfer of health risk, we will require the type of cost containment and medical management services necessary to meet the needs of a portfolio comprising some 14,000 members.

Eligibility Requirements

Eligibility requirements will be strictly enforced. In order for the Tenderer to be deemed eligible, the following criteria must be met:

  • Minimum rating: A- financial strength rating from A.M. Best’s / Standard & Poor’s or equivalent international rating agency; plus
  • Minimum policyholders’ surplus (shareholders equity):
    • USD 100 million for international carriers
    • USD 50 million for North American carriers (or AM Best FSC VII)
  • Provide a copy of your licence and/or authority to assume reinsurance risk, and evidence that this licence and/or authority is current.
  • The Tenderer submitting the bid must be an insurance company, or a reinsurance company, or a reinsurance managing general underwriter.

Be sure the tender includes proof of meeting these eligibility criteria. Ineligible bids will be rejected prior to evaluation.

Evaluation

Evaluation criteria will be used to assess bids to determine the best value for money. The criteria for evaluation and the relative points weighting will be included in the tender documentation. Particular attention is drawn to the reinsurance program’s costs (reinsurance premiums, net of claims), as well as the Reinsurers ability to provide value added services.

Collection and Access to Tender Documentation

Tender packages, further information and instructions on submission of tender can be obtained from Julie Butler, Willis Re (E-mail: Julie.Butler@willis.com, Telephone: +1(952) 841-6683). Additionally, Tender Documents can be obtained from www.centraltenders.gov.ky.

Return of Tenders

Two copies of bids are to be returned no later than 12:00pm Central Time on Friday May 5, 2014 in a sealed envelope to:

The Central Tender Committee
c/o the Ministry of Finance
(Treasury Booth) Government Administration Building,
#133 Elgin Avenue, George Town
Grand Cayman, KY1-9000 CAYMAN ISLANDS
Re: CTC/13-14/CINICO/021 – CINICO Reinsurance

Late bids will not be accepted. CINICO shall not be bound to accept any tender proposal or the lowest bid, reserves the right to accept any part of any tender proposal or contract with multiple successful bidders, and cancel the tender process at any time prior to the award of the tender. The contract will be awarded to the successful bidder subject to all applicable Cayman Islands laws.

Queries on Tender

Mr. Lonny Tibbetts
Chief Executive Officer, Cayman Islands National Ins.
PO Box 10112 APO
Grand Cayman KY1-1001
Cayman Islands
Fax: 345-949-8226
cinicotenders@cinico.ky

Mr. Frank Gallippi
Chief Financial Officer, Cayman Islands National Ins.
PO Box 10112 APO
Grand Cayman KY1-1001
Cayman Islands
Fax: 345-949-8226
cinicotenders@cinico.ky

Ms. Julie Butler
Senior Vice President, Willis Re Inc.
7760 France Ave. South
Suite 450
Minneapolis, MN55435
Fax: 952-832-9208
Julie.butler@willis.com