Joint bidding body for Napocor reinsurance picks Heath Lambert

The joint bidding committee (JBC), handling the reinsurance contract for the National Power Corp. (Napocor) is likely to get Heath Lambert as one of the reinsurance brokers for Napocor’s assets.

Energy Secretary Vincent S. Perez said "Heath Lambert was appointed but maybe it could not be the only one to be picked out."

According to Perez, the JBC is inclined to choose at least two reinsurance brokers for the state-owned power generation company. "They will be getting two," he said.

The energy chief said the committee will be meeting soon to finalize the selection of the two reinsurance brokers. "We will finalize the discussion before the end of this year," he said, noting that the committee would meet anytime this week.

After two successive failed biddings, the JBC decided to push for a negotiated contract for the $6.5-billion All Risk Industrial insurance policy of Napocor.

JBC chairman and Finance Undersecretary Antonio Bernardo said they would choose from the four reinsurance brokers that submitted their tender in the last failed reinsurance auction in Nov. 19.

Aside from Heath Lambert, the three other companies that had submitted their bids were: March & McLennan, Aon Energy, and Arthur Gallagher.

Bernardo said these brokers which have been pre-qualified have an edge in terms of being chosen as a winning party for the negotiated contract.

Under the law, Bernardo said the government may opt to go for a negotiated sale after two failed biddings.

Based on the negotiated deal, the JBC would select the important assets to be covered by the so-called basic insurance coverage for Napocor.

"Our main objective is to have adequate insurance coverage for Napocor. We will be choosing what areas to be covered by the basic insurance and the add ons will be optional and could be done later," the finance official said.

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