Tysers clarifies position on NITF tender

Thursday, 17 July 2025 00:08 - - {{hitsCtrl.values.hits}}

Tysers in a statement yesterday responded to the recent public commentary regarding the awarding of a reinsurance tender involving the National Insurance Trust Fund (NITF).

Tysers said it operates as a technical reinsurance partner, providing access to international markets and capacity in support of Sri Lanka’s national insurance objectives. Tysers has a long-standing commitment to Sri Lanka, offering reinsurance expertise since the early 1990s. Over the decades, Tysers has stood beside the country through its most challenging periods, playing a vital role in recovery and resilience-building efforts.

Throughout this period, Tysers has upheld a rigorous compliance and governance framework, developed over many years and continuously enhanced, to meet evolving international standards. More specifically, our engagement with the NITF has always been conducted in full compliance with Sri Lankan legal and regulatory requirements, with fair and transparent tender processes.

Recent commentary regarding our dealings with the NITF references a historical matter, which occurred in Ecuador approximately a decade ago, involving the US Department of Justice (DOJ). Tysers fully cooperated with the DOJ and relevant authorities, receiving credit from the DOJ for such cooperation, to resolve the matter via a voluntary Deferred Prosecution Agreement.

Tysers’ business was acquired by a different broking group two years ago and has since been under new management and leadership. During this time, we have invested in creating a best-in-class compliance team and compliance program to ensure legal and regulatory adherence across all jurisdictions in which we operate.

Accordingly, Tysers is committed to supporting Sri Lanka’s national insurance objectives through transparent, lawful, and mutually beneficial engagement.

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