BY NED GAGAHE
A leading Papua New Guinea owned insurer Trans Pacific Assurance Limited has expanded its operation into the Solomon Islands with the historic acquisition of Tower Insurance last Monday.
Trans Pacific announced its groundbreaking takeover of Tower business in Solomon Islands on Monday 29th January 2024 at a ceremony held at Heritage Park Hotel.
In a statement Trans Pacific Group CEO Philip Tolley expressed great excitement describing the move a “a significant achievement for our business.”
“Trans Pacific is to be in Honiara at last, and how grateful we are for the work done by our predecessors Tower Insurance, to establish a business in Solomon Islands forty years ago.
“And grateful the present Tower management for passing the baton onto us and trusting Trans Pacific. The customer base built up over so many decades.
“Thanks to and a special welcome to the good people in Central Bank of Solomon Islands for the assistance in this transition. The skilful understanding is appreciated.
“The brief history of Trans Pacific reveals the PNG owned organization with many familiar names present today, our Chairman, Mr. Michael Sullivan and our Directors. Established 10 years ago, Trans Pacific is now the largest of 18 insurers with an annual premium in the region of SBD$250 million.
“Our business is both on predicting customers of providing marine casualty, medical and property insurance. Our rapid growth has been driven by constant desire to make a difference to service delivery to those customers.
“We are fully committed to delivering the same quality to the people of Solomon Island. We are delighted that Diana and the new team of and Melinda are transitioning to Trans Pacific to continue the highest service delivery standards that they are known for and can only see this lifting with the support of the wider Trans Pacific team based in Port Moresby.
“We look forward to being able to bring to Solomon Islands the quality of product and service for which we have become famous in Papua New Guinea. We firmly believe that as “the Intelligent Insurer” no one in our region can match what we offer to our clients, and I am excited to now be expanding that experience to our Melanesian neighbours.” Mr. Tolley said.
In his remarks at the ceremony, Trans Pacific Chairman Michael Sullivan thanked Tower for the 40 years spent in Solomon Islands.
“I am delighted that their existing Honiara team members are joining the Trans Pacific family. This is an exciting time for Trans Pacific and we look forward to welcoming many Solomon Islanders as clients in the near future”.
He said expanding into the Solomon Islands market is in parallel with the important goals of the Melanesian Spearhead Alliance formed in 1983 including the strengthening of trade and the fostering of closer economic and technical co-operation between member states.
“Special thank you to you our Chief Regulator, the Governor of the Central Bank of Solomon Islands, Dr Luke Forau.
“Trans Pacific is indeed a successful company established almost ten years ago is the second largest insurer in Papua New Guinea but in fact, now the largest general insurer in Papua New Guinea.
“Trans Pacific has made the reputation of being interest in its client’s needs directed to developing solutions to its client’s insurance problems. We have the solutions, we like to think of ourselves as being commissioned client focused, economical.
“In PNG our partners regularly and consistently ranked Trans Pacific as number one in terms of market, for product knowledge, services and responsible servicing, the insurance mind.
“We are the PNG market leader in the motor, marine workers compensation, public liability and commercial and domestic product, we want to bring this expertise to the Solomon Islands.
“This is a particularly important cross order acquisition for one.
“For us, Solomon Islands being our first overseas investment will be very important. We intend to bring to the Solomon Islands great success. Success, not just for us, but a success for our customers.
“A change in ownership of one of the Solomon Islands, three largest insurers is and should be an important day for the Solomon Islands.” Mr. Sullivan said.
Welcoming the Trans Pacific to the Solomon Islands, Governor of Central Bank of Solomon Islands (CBSI) Dr Luke Forau welcome the move by Trans Pacific.
Meanwhile, Trans Pacific is proudly 100 percent PNG owned and operates from its Head Office in Port Moresby. Over the last decade, Trans Pacific has grown to be the most significant PNG General Insurer with annual premiums exceeding the equivalent of SBD $225 million.
Its broker partners consistently rank it as the highest in the market for product knowledge, service, and claims paying appetite. It is a market leader in Motor, Marine, Workers Compensation, Public Liability and Commercial / Domestic Property.