Heath Lambert picked to reinsure Napocor asssets

The Malacañang-appointed joint bidding committee, tasked to handle the $6.5-billion all risks industrial insurance policy of the National Power Corp. has decided to employ the services of Heath Lambert Group to cover 95 percent of the reinsurance needs of the power firm.

In a meeting last week, the committee composed of Finance undersecretary Antonio M. Bernardo as chairman, Energy Secretary Vincent S. Perez, Napocor president Jesus N. Alcordo, Government Service Insurance System (GSIS) executive vice president Roberto S. Malonzo and GSIS senior VP Julio R. Navarrete as members unanimously approved the selection of Heath Lambert.

The remaining five percent would be covered by the GSIS, which is mandated to manage the insurance policy of government-owned and controlled corporations.

Late last week, the committee was eyeing to appoint two out of the four pre-qualified reinsurance brokers under a negotiated deal after two failed public biddings. The committee said the new IAR policy will have a coverage of one year starting December 21 this year.

The coverage for the other insurance needs of Napocor particularly for the submarine cable, submarine bull and sabotage and terrorism will be selected early next year.

The decision puts to an end the controversy over Napocor’s insurance policy that began as early as August this year when the power firm sought to get involved in the selection of new reinsurance brokers to ensure transparency and efficiency to service.

Aside from Heath Lambert, the other three insurance brokers that were evaluated by the joint bidding committee were Marsh & McLennan, Aon Energy, and Arthur Gallagher.

After two failed biddings, the committee decided to go for a negotiated contract for Napocor’s insurance needs.

Getting insurance for Napocor is crucial for it to be granted loans by creditors.