(MV) — By 2023 – on the 50th year its founding – Pacifica Insurance Underwriters Inc’s has become a dominant presence in the Northern Mariana Islands’ business and economic landscape. It’s the strong portfolio of partnership with market-leading insurance providers and companies, both with regional and global reach, became an important part of its success.
For the company, partnership is a dominant channel that is a strategic business platform key to its growth and direction.
Importantly, Pacifica Insurance Underwriters, Inc. recognizes that with partnership it is able to bring in newer services that will benefit its stakeholders— that it is able to offer a wide range of protection products and services that cater to the diverse needs of its customers.
The company has been a principal fixture of the government’s efforts to implement and provide quality core social protection programs (benefits) for the residents of the Commonwealth. Its existence is synonymous with service and a financial intermediary between business investors and the people of the Commonwealth for their household needs and business needs.
Today, Pacifica Insurance Underwriter’s Inc. is a major contributor to the Northern Mariana Islands’ economic development.
Pacifica Insurance Underwriters, Inc. credits its healthy business success to its partners over the years since its inception in 1973, starting with the one of the oldest and largest insurance providers in Japan.
Tokio Marine & Fire Insurance Company, Ltd.
Is the pioneer partner that led to the establishment of Pacifica Insurance Underwriters, Inc., eventually establishing its strong foothold in the Commonwealth’s insurance industry.
The successful partnership provided the foundation and much-needed stability, and created a positive climate, to the fledgling business landscape in the Northern Marianas.
On June 12, 1972 *5 the founders of Pacifica Insurance Underwriters, Inc. initiated a landmark partnership with Tokio Marine & Fire Insurance Company, Ltd (with its Guam-based subsidiary, Tokio Marine Pacific Insurance Limited) a very critical moment of the islands’ geopolitical climate: it was the year with the Northern Mariana Islands, was in negotiations to secede from the United Nations trusteeship administration and join the American political family. This was finalized in the year 1978.
Tokio Marine Pacific Insurance Ltd. (TMPI) has been writing business in the Mariana Islands since 1968. Today, it is the largest insurance career in the Pacific region based on Gross Written Premium (GWP) *4. (a GWP refer to the total amount of premiums collected by an insurance company during a given period before any discounts or refunds are taken int account).
The Pacifica Insurance Underwriters, Inc-Tokio Marine & Fire Insurance Company, Ltd partnership laid the foundation and the needed link to help the NMI trusteeship government boost its local investment climate.
Headquartered in Guam, Tokio Marine & Fire Insurance Company, Ltd, is a subsidiary of Tokio Marine & Nichido Fire Insurance Company, Ltd.
As the general agents Tokio Marine & Fire Insurance Company, Ltd. In the Northern Marianas, Pacifica Insurance Underwriters, Inc is responsible for all classes of insurance: disability, general casualty, marine, property, surety, and vehicle.
Tokio Marine & Fire Insurance Company, Ltd has business address at 2-1, Marunouchi 1-Chome, Chiyoda-Ku, Tokyo, Japan 100-8050.
Tokio Marine Holdings has decided to sell Tokio Marine Pacific Insurance in response to “changes in market conditions”. It has entered into agreement with Calvo Enterprises for the sale. In 2022, TMPI recorded premiums written of approximately $176 million and has bee gradually expanding its business. *1
Tokio Marine & Nichido Fire Insurance Co., Ltd. commonly called Tokio Marine Nichido, is a property/casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan. Tokio Marine Holdings was formerly known as Millea Group, which underwent a name change in July 2008. The company is one of the very few groups and individuals that still use the spelling Tokio for the city in the English language. *a
As a global insurance firm, Tokio Marine & Fire Insurance Company, Ltd facilitated economic local growth given the breadth of its services and clients. By year 2000, Tokio Marine & Fire Insurance Company, Ltd was the fourth largest insurance companies operating and with services in the CNMI, with total aggregate total assets of $954 million.
In May 2023, Tokio Marine announced that it was leaving the Northern Mariana Islands and Guam. “TMPI can confirm that [it] is considering strategic options and is working closely with the Managing General Agents and interested parties to ensure a smooth transition. Further details will be provided in due course as the options are formalized”,” according to a press statement published in Guam’s newspapers. *3
Tokio Marine is also the principal for agents Nanbo Insurance, TransPacific Insurance Brokers Corp. and Calvo Insurance’s SelectCare Health Plan, which is a government of Guam provider.
Other important dates to remember:
1898
Tokyo Article. Fire Insurance established
January 2001
Reached consensus with Tokio Marine about establishment of join holding company
October 2004
Tokio Marine and Nichido Fire merged to form Tokio Marine Nichido Fire Insurance CO., Ltd.
Nanbo Insurance Guam Limited
The partnership with Nanbo Insurance was established in 1968 and became the sister company of Pacifica Insurance Underwriters, Inc.
Since then, it has engaged in multiple business enterprises as a trading company, a retail operator, investor in industrial laundry, real property acquisition and development. *1’
Nanbo Insurance is also a broker in Guam for Pacifica Insurance Underwriters, Inc. main partner: Tokio Marine Pacific Insurance Limited. *2
The relationship began when Pacifica Insurance first opened its doors to serve the needs of Guam business expanding to the CNMI.
Nanbo has been able to manage its resources effective to be able to succeed as a company doing business in Guam. It was established in 1968 to serve as exclusive general agent for the Tokio Marine and Fire Insurance Co., LTd. of Tokyo Japan since 1969. *3
In May 24, 2018, then Guam Delegate to the United States Congress Madeleine Z. Bordallo, in a privilege speech, praised Nanbo Insurance for being chosen as the 2018 Guam Chamber of Commerce Hall of Fame Business Laureate.
In 2012 it constructed its newest headquarters in Agana, Guam.
Pacific Guardian Life Insurance Co., Ltd.
Another earliest – and pioneering – partnership established by Pacifica Insurance Underwriters, Inc. was with the Hawaii-based Pacific Guardian Life.
As the largest domestic life and disability insurer in Hawaii *1, Pacific Guardian Life expanded into the Northern Marianas in 1973. Its foray into the local NMI local business landscape created the partnership with Pacifica Insurance Underwriters, Inc.
Its signed a managing general agent agreement with Pacifica Insurance Underwriters, Inc. that took effect on July 1, 1983. The agreement was to allow Pacifica Insurance Underwriters, Inc. to offer term, whole and junior life insurance products.
Pacific Guardian Life Insurance Co., Ltd. was admitted into the CNMI as a “foreign insurer” on August 9, 1973 providing “disability and life” classes of insurance. Pacifica Insurance Underwriters, Inc. became its registered agent. Rota resident Severina A. Ogo was one of the agents for Pacific Guadian Life Insurance. *2
Its main business address is at 1140 Kapiolani Blvd. Suite 1700, Honolulu, Hawaii 96814.
In 1985, Pacific Guardian Life Insurance, Co., Ltd. became a wholly owned subsidiary of Meiji Yasuda Life, Japan’s longest-standing provider and one of the world’s largest life insurance companies. *3
Severina Atalig Ogo- Following her stint as general agent for Pacific Guardian Life Co. Ltd, she worked for the CNMI Public School System, and, later on, moved to Guam to continue her tenure as an educator. She worked from 1988 to earl 1990s.
“it was one of the best times of my life…working for the insurance companies. I was working closely with Ms. Guerrero at that time. Every year we meet in annual events because top sellers are given the privilege to travel—and I know Ms Guerrero was the best agent for Pacifica Insurance in Saipan.”
Sterling Investors Life Insurance Company
(Grand Pacific Life Insurance, Ltd)
Sterling Investors Life Insurance Company, formerly Grand Pacific Life Insurance, Ltd, was admitted into the Northern Marianas on January 26, 2002. *7
Sterling Investors Life Insurance Company merged with Grand Pacific Life Insurance, Ltd on September 21, 2001.*5
By 2001, Grand Pacific Life was considered “inactive foreign for profit corporation. *4
On August 1, 2003, the company re-domesticated to Georgia and duly incorporated under the laws of the state of Georgia. Puritan Financial Group (PFG) subsequently acquired the company in November 2012. *6
Grand Pacific Life Insurance, Ltd.’s partnership with Pacifica Insurance Underwriters was established 27 years in 1984 – 27 years after its founding in Hawaii. *1
Grand Pacific Life Insurance, Ltd. has a business address in 1164 Bishop St., Suite 500, Honolulu, Hawaii 96813. The company is a principal provider of both disability and life insurance.
As one of the first insurance companies in Hawaii, in 1984, it tapped Pacifica Insurance Underwriters, Inc. as one of its three general agents.
Grand Pacific Life Insurance is a stock company based in Honolulu, and, by 2000, it was licensed in five states, and American Samoa, and Guam. *3
Global Insurance, Incorporated
Established in January 1, 1992, it has partnered with Pacifica Insurance Underwriters Incorporated as its general agent.
The Saipan-based insurance company was solely providing coverage for surety insurance.
The partnership between Global Insurance, Incorporated and Pacifica Insurance Underwriters, Inc. continues on to this day.
Century Insurance Co. Ltd.
At the start of the 21st century, the partnership forged between Pacifica Insurance Underwriters Incorporated, Inc. and Century Insurance Co. Ltd was one of the landmark developments that took place in the Northern Marianas business sector.
The partnership took effect on August 1, 2004. *1
Century Insurance Co. Ltd. was incorporated on June 21, 1988. It is also the CNMI’s first full-fledged insurance firm that is an ISO 9001:2000 certified company.
The non-exclusive managing general agency agreement allows Pacifica Insurance Underwriters Inc. to represent Century Insurance Co. Ltd. in the CNMI to offer insurance lines for automobiles, fire, and allied (property), liability, surety bonds, and others.
In June 2004, negotiations to expand the business relationship began when Pacifica Insurance Underwriters, Inc. became a managing general agent for Century Insurance Co.
Prior to the agreement, Century Insurance Co. Ltd. was a broker for Pacifica Insurance Underwriters, Inc. starting July 1, 2000.
Calvo’s SelectCare
The partnership in 2000 with the one of the region’s primary partner, Calvo’s SelectCare, led to the further growth of Pacifica Insurance Underwriters, Inc’s vast network of partnership.
It signed a sub agency agreement that became effective on September 13, 2000, with Calvo’s SelectCare. Primarily, this agreement was to allow Pacifica Insurance Underwriters, Inc. to offer health insurance to both small and large commercial groups.
With over 85 years as the Pacific region’s leading insurance agency, the partnership with Pacifica Insurance Underwriters, Inc. came following the launching of the Calvo’s SelectCare Insurance program (by its parent company, Calvo Enterprises) on the same month, September 2000.
The SelectCare health insurance plan was designed to offer flexible levels of health coverage to fit different family needs and budgets. The plans include comprehensive health insurance benefits for both small and large groups.
In August 2023, Calvo Enterprises announced that it has reached an agreement to acquire Tokio Marine Pacific Insurance Limited.
Established in 1975, Calvo Enterprises is the parent company of the Calvo family businesses which includes insurance underwriting.
Tokio Marine Pacific Insurance Ltd (former Tokio Marine & Fire Insurance Company), on the other hand, was formed in 1968. Prior to its acquisition, Tokio Marine has been the underwriter of Calvo’s SelectCare Health Plan since its inception. It also offers property and casualty insurance through its general agents Nanbo Guam Ltd., on Guam and Pacifica Insurance Underwriters, Inc. in the Northern Mariana Islands.
Aetna International/Aetna Life Insurance Company
Aetna Life & Casualty (Aetna International) has appointed Pacifica Insurance Underwriters, Inc as its general (resident) agent for the Commonwealth of the Northern Mariana Islands in 2012.
This partnership with Aetna Life & Casualty (Aetna International) allowed for Pacifica Insurance Underwriters, Inc. to further expand and diversify its network of insurance services that are, among others, accessible and are affordable, and relevant to the market.
The agent agreement, signed in 2012, allows for Pacifica Insurance Underwriters, Inc to offer health insurance to both small and large commercial groups.
Aetna Life & Casualty (Aetna International) is now the sole carrier of the CNMI government’s fully insured health program. The CNMI government’s active employees, retirees, surviving spouses and families are its single largest component of primary clientele in the Northern Mariana Islands. *1
Aetna International is one of the industry’s largest and most experienced providers in the world, with a 170-year heritage and 60-plus years in global medical benefits.
In 2021, the CNMI government announced the selection of Aetna Life Insurance Company as its sole health career. This was a result of a selection process following the issuance of a request for proposal and a competitive selection/rating process. *2
In 2016, the CNMI government transferred the administration of its GHLI program from the NMI Retirement Fund to the Department of Finance. This was by virtue of the enactment of House Bill 19-44 which became Public Law 19-160. *3
Maritime Mutual
In January 2014, the Auckland, New Zealand-based P&I Club and marine insurer, has signed a broker agreement with Pacifica Insurance Underwriters, Inc.
This was to offer insurance coverage to ship owners and boat charterers.
Maritime Mutual, a long established and well-secured P&I Club and marine insurer, is backed by Lloyd’s syndicates and London company market insurer.
Maritime Mutual’s membership is regarded international: recognized to be at the forefront of maritime operation in the world, principally with its wide range of commercial maritime operations. As of 2022, it has a total of 5,775 number of entered vessels with a gross tonnage of 12,511,755. *1
These reflects various ranges of ships and type from large Suezmax tankers and Supramax bulkers, to mid-sized Container ships and Ferries and smaller sips such as tugs, barges, and fishing vessels.
American Hole ‘n One
American Hole ‘n One revolutionized the promotion and prize industry in the golf promotions and sports industry in the world.
It was not 28 years after its creation that its partnership with Pacifica Insurance Underwriters Inc., in 2012 as its broker in the Northern Marianas, that golf insurance became an essential part of the golf sports. Pacifica Insurance Underwriters, Inc introduced protection for golfers— an investment in golf insurance in the growing sporting event in this side of the Pacific region.
In 2012, Pacifica Insurance Underwriters Inc’ became the latest addition to the global reach of American Hole ‘n One, with its worldwide customer based spread in over 70 countries.
Pacifica Insurance Underwriters, Inc. broker agreement with American Hole ‘n One allows for PIUI to provide coverage for golf tournaments and other sports.
Today, since its creation in 1986, the Ohio-based company is the world’s largest hole in one insurance provider and event promotion company. *1 *2
American Hole ‘n One records a combined in over 25,000 events every year.
Takagi & Associates, Inc. Professional Insurance Consultants
Established in 1991, Takagi & Associates, Inc. Professional Insurance Consultants is a Guam-based family owned company specializing in professional risk management and traditional products that cater of personal and commercial customers.
It has over 200 years of combined professional insurance experience in Japan, Hawaii, and mainland United States. It maintains strong partnership with highly rated and well known insurance companies.
In 2023, Pacifica Insurance Underwriters Incorporated signed a broker agreement with Takagi & Associates, Inc. Professional Insurance Consultants to expand and strengthen its partnership with local industry stakeholders, and further boost its domestic presence with PIUI expertise and network in property and casualty, bonds, and specialty insurance, among others.
It was admitted in the CNMI in the late 1990s as general agents for several major regional and global insurance companies. Among others, Takagi & Associates began its business foray in the CNMI as general agent of AIOI Insurance Company, Ltd (formerly Dai-Tokyo Fire & Marine Insurance Company, Ltd), which was a major provider of disability, general casualty, marine property, surety, and vehicle insurance. *1
It is proud of its superior service and strong relationships with its clients that it has become one of the most competitive and respected insurance firm in the Western Pacific.
<strong>Tokio Marine & Fire Insurance Company, Ltd. sources</strong>
*a https://www.intelligentinsurer.com/insurance/tokio-marine-sells-us-subsidiary-tmpi-in-risk-diversification-move-33231
*1: 13th Annual Report of the CNMI Insurance Commissioner for Calendar Year Ending December 31, 2000.
*2:https://en.wikipedia.org/wiki/Tokio_Marine_Nichido#:~:text=The%20antecedent%20Tokyo%20Marine%20insurance,(%E6%98%8E%E6%B2%BB%E7%81%AB%E7%81%BD%E4%BF%9%E9%99%BA)%20established.
*3: https://www.mbjguam.com/major-insurance-underwriter-leave-guam-and-northern-mariana-islands
*4 https://www.tokiomarinehd.com/en/careers/profile/010.html
*5 13th Annual Report, The NMI Insurance Commissioner 2000 ,re: listings of Foreign Insurers Admitted CNMI.
<strong>Nanbo Insurance Guam Limited sources</strong>
1 US Del. Madeleine Z. Bordallo’s privilege speech, US House of Representatives, Thursday, May 24, 2018
2 https://www.tokiomarinehd.com/en/careers/profile/010.html
3. US Congressional Record
<strong>Pacific Guardian Life Insurance Co., Ltd. sources</strong>
1 https://www.linkedin.com/company/pacific-guardian-life
2. 13th Annual Report, The NMI Insurance Commissioner 2000 ,re: listings of Foreign Insurers Admitted CNMI.
3 https://www.linkedin.com/company/pacific-guardian-life
<strong>Sterling Investors Life Insurance Company source</strong>
2001, 2003 Annual Report of the Insurance Commissioner, CNMI Department of Commerce.
<strong>Century Insurance Co. Ltd. sources</strong>
1 : https://www.saipantribune.com/news/local/cic-names-pacifica-insurance-underwriters-as-general-agent/article_8ee81290-9742-5def-bf68-53aef2b781df.html
2 https://www.saipantribune.com/news/local/cic-names-pacifica-insurance-underwriters-as-general-agent/article_8ee81290-9742-5def-bf68-53aef2b781df.html
<strong>Aetna International/Aetna Life Insurance Company sources</strong>
1 https://www.cnmiopm.net/sec.asp?secID=30
2https://stupefied-booth.160-153-177-131.plesk.page/business/business_news/aetna-life-insurance-co-selected-for-government-group-health-life-insurance-program/article_666b43e4-0022-11ec-9dad-6747f5d9f9e3.html#:~:text=(Office%20of%20the%20Governor)%20%E2%80%94,carrier%20for%20the%20CNMI%20government.
3https://www.saipantribune.com/news/local/torres-signs-law-transferring-ghli-to-finance/article_8baed259-09c9-58c2-8824-519ca149790c.html
<strong>Maritime Mutual source</strong>
1 https://maritime-mutual.com/about/
<strong>American Hole ‘n One sources</strong>
1 https://www.hio.com/about-us
2 https://www.linkedin.com/company/american-hole-‘n-one
<strong>Takagi & Associates, Inc. Professional Insurance Consultants source</strong>
1 14th Annual Report of the CNMI Insurance Commissioner for Calendar Year Ending December 31, 2001.
