Softlogic Life enters strategic reinsurance partnership with SCOR and Toa Re

Friday, 16 March 2018 00:00 - - {{hitsCtrl.values.hits}}

With the objective of gaining fresh insights and greater value, Sri Lanka’s dynamic and innovative life insurer Softlogic Life has announced a strategic partnership with SCOR and Toa Re, two of the largest reinsurance companies in the world.

The high-level agreement, which transitions Softlogic Life’s health portfolio to SCOR and Toa Re, will bring fresh insights and global expertise and elevate Softlogic Life’s current position as Sri Lanka’s number one health insurer significantly with the capability to provide its customer base with high-valued risk coverage and personalised services and support for new business generation and claims management. With world-class solutions in hand now, Softlogic Life can further pursue its journey to be the life insurer of choice for every Sri Lankan.

Commenting on Softlogic Life’s strategic partnership, Managing Director Iftikar Ahamed said: “This partnership demonstrates our strategic commitment to broaden and enhance our health insurance product offerings and position our company as the multi-line health insurance leader of Sri Lanka. We are honoured to partner with SCOR and Toa Re, two world-class reinsurance companies with a plethora of innovative offerings, and believe the addition of these companies into our Reinsurance panel will create a seamless buying and service experience for our customers across the country.”

The strategic linking with SCOR and Toa Re will be in addition to global Reinsurance players MunichRe and RGA thereby enabling Softlogic Life to perhaps have the most diversified and strongest Reinsurance make up in the Industry.

SCOR, an independent global reinsurance company from France, offers its clients an optimal level of security (A+ Stable by AM Best) and is one of the largest health reinsurers in Asia being awarded as the ‘Reinsurer of the Year’ in 2016 at the Asia Insurance Industry Awards.

Toa Re is Japan’s number one local and composite reinsurer and has subsidiaries in New Jersey (USA) and Zürich (Switzerland). AM Best has assigned Toa Re a rating of A, acknowledging their outstanding financial profile.

“We firmly believe that we now have the industry’s best A rated reinsurance panel, which consists of Munich Re, RGA, SCOR and Toa Re. Their proven leadership in the global reinsurance industry translates innovativeness, commitment and diversity for Softlogic Life. The strength they bring to the table will amplify our value and ethos and bring great benefits for the company, our sales teams and customers,” Ahamed added.

Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in healthcare, retail, ICT, leisure, automobiles and financial services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.