Sector expertise
Our Centres of Excellence provide underwriting and claims handling expertise for Engineering, Agriculture and Bonds and Guarantees. Services in these specialty lines include risk analyses and market trainings globally.
International composite reinsurer
Reinsurance capacity for Non-Life business lines.
We offer capacity and services across the full spectrum of Non-Life and Life business — complementing first-class treaty and facultative capacity with innovative solutions in all classes of business.
- $350,000,000Capital at 31/12/2021
- Life & Non-LifeTreaty & facultative
- 2020Year of incorporation
Who we are
An international reinsurer built on security.
PRIME RE LTD is an international reinsurance company established in the Island of Moheli, Comoros Union, with its correspondence office in Malta.
We foster the development of the insurance and reinsurance industry and expand our global reach through product and territorial diversification — providing primary insurers with the capacity, expertise and support they need to grow with confidence.
Reinsurance offering
We are a composite reinsurer offering capacity and services across the full spectrum of Non-Life and Life business lines.
Advisory services
We complement the first-class treaty and facultative capacity we deliver with the provision of innovative solutions in all classes of business to our clients.
Mission, vision & values
What drives PRIME RE.
Mission
To foster the development of the insurance and reinsurance industry and to expand our global reach through product and territorial diversification.
Vision
To become a world-class reinsurance company, recognised for excellent security and the high-quality services provided to our clients.
Our values
Seven principles that guide how we work with partners, clients, suppliers and each other.
Professionalism
Built on knowledge, experience, competence and quality. Our success is determined by customer satisfaction and the value we bring to their business.
Integrity
Compliant with the highest legal and ethical standards — transparent, fair and honest with partners, clients, suppliers, employees and the public.
Innovation
Anticipating and adapting to change: we develop forward-thinking solutions and embrace new technology to improve our processes.
Constant development
We challenge ourselves to adapt to changing market conditions and overcome deficiencies with agility and enthusiasm.
Leadership
A work environment based on collaboration, trust and performance — we develop leaders by investing in our people.
Respect
Treating others as we expect to be treated. We embrace diversity and inclusion and value each individual’s unique talents.
Responsibility
We hold ourselves accountable, fulfilling our obligations under contractual terms and regulatory requirements.
01
Property and Casualty
Property and casualty insurance covers a broad range of products and services designed for our business clients. We are committed to helping clients recover from financial setbacks caused by property or casualty losses.
Our team of experts works closely with customers to develop customised insurance policies incorporating innovative reinsurance solutions, including loss recovery packages specialised for the agriculture, marine, automotive and aviation industries.
From fire and marine hull to complex engineering projects, our expertise and financial stability help insurers and businesses manage and mitigate the risks they face — and we keep expanding our offer by identifying emerging risks and developing mitigation measures.
02
Turn-key Solutions
We provide financial protection to primary insurers that transfer part of their risk to us — so they can grow their business, seek catastrophe protection, distribute risk and keep less capital on hand to cover potential losses.
- Limited financial impact of natural disasters or catastrophic events
- Increased underwriting capacity as risks are spread out
- Stability during financial stress and large claim volumes
- Improved operations: risk assessment, loss prevention, loss adjustment support and training
- Stabilised income and losses by reducing profit fluctuations
03
Claims Services
Fast and efficient claims services help our clients resume their day-to-day operations as quickly as possible. Our experienced professionals use the latest available technology for accurate claims handling.
We work together with our clients to assemble information, identify expenses and help them mitigate damages and resume business — and we share insights from past experience to help them improve their own risk management processes.
Claims reserves are an essential component of an insurance company’s financial soundness: past performance and records of claims are key factors in the underwriting and rating of new business.
04
Technical Services
We offer consultation services, risk survey and technical inspection, as well as training courses on skills development.
Our specialists provide technical assistance across key areas of the insurance business. As part of our mission, we place value on training across insurance and reinsurance companies, with seminars and courses in agriculture insurance, life insurance, property underwriting and reinsurance.
Governance
International best practice, by design.
PRIME Re is regulated by the Agreement Establishing the Corporation and other statutory documents, with corporate governance policies based on international best practices. The Board and Management ensure the Corporation matches the standards of modern international peer companies.
Framework
Corporate governance principles and procedures are defined in a series of documents governing the organisation and its management:
- Agreement Establishing PRIME Re Ltd — ownership, administration and governance structure
- Procedure for Proposing and Introducing Amendments to the Agreement
- General By-Laws — General Regulations and Rules of Procedure of the General Assembly
- Rules for Election of Directors
- Board Charter and Board Committee Charters — duties and responsibilities of the Board and its Committees
- Code of Ethics — rules, behaviour and attitude expected of staff and Management
Continuous review
The framework is reviewed as operations, international best practice, strategy and risk profile evolve. The last review resulted in:
- A new Board Charter integrating the latest best practice in Board functioning
- Separate committees for Audit & Finance and for Risk Management & IT Governance
- A Human Resources and Remuneration Committee covering all human resources matters
- Regular and formal Board evaluation
- Reinforced Declaration of Interest by Board members
Central departments
One organisation, nine areas of expertise.
Our organisational structure brings together the teams that underwrite, manage, control and support every part of our business.
Corporate Secretariat
Manages statutory board meeting logistics, records the minutes and facilitates communication with shareholders and the general public. It is also responsible for protocol and travel management and maintains archives and documentation — the focal point between the company and the outside world.
Central Operations
Manages technical matters, underwriting issues and management, and helps identify initiatives that support profitable growth. Focus areas: underwriting performance and projections, growth areas, technical provisions, technical inspection and strategic initiatives.
Risk Management and Compliance
Responsible for the strategic management of the company’s risk exposures and for compliance with applicable laws, global best practices and shareholder agreements — reducing the impact of shocks on our ability to meet obligations to stakeholders.
Human Resources
The internal link between staff and company: attracting, developing and retaining professionals, updating policies, maintaining records, supporting safety training and leadership development, and managing compensation and benefits.
Information and Communication Technology
Continuously improves the company’s technological tools and techniques so they match business needs, with a focus on innovation, process automation, the virtual workplace, information security and cost control.
Internal Audit
Evaluates and improves the effectiveness of risk management, control and governance processes, promoting accountability and transparency and recommending safeguards to protect the company.
Finance and Accounting
Keeps account of all transactions and prepares final accounts for management, alongside payroll, budgeting, taxation and financial planning.
Life Operations
Provides reinsurance solutions for group life, group mortgage, credit life, critical illness and individual life products, and develops new insurance products through a team of highly-trained professionals.
Administration and General Services
Provides operational and administrative support, overseeing procurement, property management, maintenance and other general services.
Corporate social responsibility
Building stronger, safer societies.
We are committed to being a socially responsible business and a valued partner to employees and clients alike — with activities carried out to high ethical standards and good governance principles, within a long-term, sustained strategy.
Risk awareness
Training on risk reduction initiatives and general awareness on pandemics and epidemics.
Development of the insurance industry
Trainings on technical aspects of risk management and on the regulatory and risk trends impacting the industry.
Disaster recovery
Relief funds for victims of disasters and contributions to rebuilding affected communities.
Technology development
Sponsoring insurtech start-ups and new technological initiatives, such as blockchain, that improve the insurance process.
Research and development
Academic and professional research on mortality, longevity, climate change, cyber risk and other issues affecting the industry.
Community development
Hospital facilities, water and alternative energy, teaching facilities and books, environmental support and public facilities.
Education
Insurance courses, scholarships and paid internships, professional training programmes and support of local actuarial associations.
Through our actions we want to drive positive and sustainable progress, using innovative thinking and business expertise, to contribute to building stronger and safer societies.
Investor relations
Fundamentals at a glance.
PRIME RE LTD is an international reinsurance company established in the Island of Moheli, Comoros Union, with its correspondence office in Malta.
$350,000,000Capital at 31/12/2021
- Regulator
- Mwali International Services Authority
- Year of incorporation
- 2020
- Reporting currency
- USD
- Incorporation number
- HY00521010
- License number
- RI20200109
- LEI
- 254900IBMSUQTUJUY246
- Registered address
- Bonovo Road, Fomboni, Island of Moheli, Comoros Union
FAQs
Reinsurance, explained.
Frequently asked questions about reinsurance and about our company. The answers are for general information only and do not constitute legal advice.
Ask us another questionWhat is reinsurance?
Reinsurance is basically an insurance for insurance companies. With reinsurance, insurers pass on part of their own insurance liabilities to reinsurance companies in order to limit their risks and protect themselves against financial ruin.
What is the difference between insurance and reinsurance?
Both provide financial protection against risk. While insurance protects individuals from financial loss, reinsurance protects the insurance company from financial loss.
What products does PRIME RE LTD offer?
PRIME RE LTD provides treaty and facultative reinsurance policies for life and non-life insurance business. We provide specialised reinsurance underwriting, claims management services and training to our clients.
Does PRIME RE LTD deal with the public directly?
As a reinsurer, PRIME RE LTD does not deal directly with individuals, but it may provide guidance and advice to the insuring public in relation with insurance companies and products.
Contact us
Let’s talk about your risks.
Insurers, brokers and partners: reach our team for capacity, claims or technical enquiries.
Call us+356 2343 1064
Emailoffice@primere.co
Correspondence officeSqaq Lourdes, Junction Business Centre, 1st Floor, SWQ 3334, Malta
Registered addressBonovo Road, Fomboni, Island of Moheli, Comoros Union
As a reinsurer, PRIME RE LTD does not deal directly with individuals, but may provide guidance in relation to insurance companies and products.
Send us an enquiry
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