Local airline Cebu Pacific has renewed its insurance cover with Philippine insurer Pioneer Insurance. It is the third time the airline has placed its annual cover with the insurer.
“This is a vote of confidence in us and we thank Cebu Pacific for appointing us for another year, enabling us to help them meet all their risk and insurance requirements,” said Pioneer president Betty Medialdea.
Cebu Pacific president and chief executive officer Lance Gokongwei said he was pleased with Pioneer’s service.
“Over the past two years we have developed an excellent relationship with Pioneer. They understand the risks we face and have developed innovative and effective strategies to help us manage them,” he said.
Unicon, a unit of JG Summit, Cebu Pacific’s parent company, acted as the insurance broker in the transaction.
Pioneer has once again appointed the UK arm of Marsh, a global leader in insurance broking and innovative risk management solutions, as its reinsurance broker.
“With its commitment to transparency and disclosure and its extensive experience in the global aviation insurance market, Marsh UK was the ideal reinsurance broker for this transaction. Working with them to understand Cebu Pacific’s risk profile, we were able to find a cost-effective insurance solution that met Cebu Pacific’s particular needs,” said Medialdea.
“I am reassured that Pioneer is working hard on behalf of Cebu, and also that Marsh is assisting Pioneer as their reinsurance broker,” Gokongwei added.