Objectives

The primary objective of this tender is to appoint a qualified service provider to deliver comprehensive reinsurance brokerage services for a period of five (5) years. The services aim to support Land Bank's insurance entities, including both life and non-life insurance portfolios, by providing optimal reinsurance protection, technical advisory, market access, and strategic partnership to enhance risk management, financial stability, and regulatory compliance.

Scope

The scope of work encompasses:

• Provision of reinsurance brokerage services for Land Bank’s insurance subsidiaries (LBIC and LBLIC), including placement, advisory, and technical support.
• Support in designing and managing reinsurance programs aligned with the risk exposures, including proportional and non-proportional structures.
• Evaluation of probable maximum losses and catastrophe protection structures.
• Access to global reinsurers and markets, ensuring efficient capacity and expertise.
• Technical advisory on contract design, compliance with standards (South African and international), and regulatory reporting (e.g., IFRS 17).
• Claims recoveries management, reinsurance data preparation, and portfolio monitoring.
• Provision of actuarial modeling, climate risk analysis, and market insights.
• Support for strategic decision-making, capital management, and innovative risk transfer solutions.
• Optional services for life insurance reinsurance, to be quoted separately and consumed as needed.

Technical Requirements

The successful bidder must demonstrate:

• Valid Financial Services Provider (FSP) license issued by FSCA.
• Professional indemnity insurance cover of at least R10,000,000 or a commitment to provide proof within five days of appointment.
• At least three years of experience in agricultural insurance, reinsurance, or related fields, with evidence of relevant expertise.
• Experience in placing and managing treaties, including crop, index, livestock, and credit life insurance, within the last five years.
• Proven ability to manage claims recoveries, reinsurance accounting, and technical reporting.
• Strong relationships with reputable reinsurers and markets globally.
• Capability to provide climate risk modeling, scenario analysis, and compliance with financial reporting standards such as IFRS 17.
• Demonstrated experience with at least three comparable treaties placed in the last five years.
• Capability to produce detailed claims recoveries, claims management, and technical accounts with timestamped reports.
• Adherence to confidentiality, data security, and compliance with applicable laws and regulations.

Skills Requirements

The bidder must possess:

• Extensive reinsurance expertise, with a minimum of 15 years in reinsurance and claims management.
• Qualified and experienced team members, including senior professionals with at least 5 years of agricultural or crop insurance experience.
• Organizational structure with clear roles, including an organogram demonstrating team composition.
• Proven track record in placing treaties, managing reinsurance programs, and providing technical advisory services.
• Ability to develop innovative, cost-effective risk transfer solutions and employ strong market relationships.
• Experience in climate change-related risk modeling, scenario analysis, and regulatory compliance.
• Capability to produce comprehensive reports, technical documentation, and claims recoveries with timestamped evidence.
• Demonstrated ability to manage and monitor reinsurance portfolios effectively, including performance metrics and risk assessments.