Miller was appointed as the sole international broker to handle the property, casualty and terrorism insurance requirements for the state electricity company of Indonesia.
Miller was appointed as the sole international broker to handle the property, casualty and terrorism insurance requirements for the state owned power utility company in Indonesia.
Following an extensive tender process involving five international brokers, the business was awarded to Miller on a facultative reinsurance basis working on behalf of the government owned insurance company.
Coverage is provided for a large number of operational power plants with a range of size and technologies including gas, coal, combined cycle, geothermal and hydro; ancillary assets include sub-stations and sub-sea cables.
Pricing was a key factor in the decision making process, along with Miller’s broad based service proposition and experience in the sector. Particular emphasis was made of our successful track record of claims performance. Miller was able to negotiate the most competitively priced and tender-compliant submission following a collaborative approach involving teams across the Singapore and London offices. The strength of our underwriting market relationships was also important in ensuring our successful appointment.
Miller had been the incumbent broker for the two smaller subsidiary companies, however this is the first time that one broker has been awarded all three entities plus a further subsidiary, which is new to the programme.
The insured has rapid expansion plans over the coming years, with a requirement to build more power plants throughout Indonesia. Miller aims to work with the local insurer to develop new construction opportunities as well as other lines of business.
This is a high profile appointment and represents a significant strengthening of Miller’s position within the Indonesian market.