Local Reinsurance

NASIONAL REINSURANCE

PT Reasuransi Nasional Indonesia, or abbreviated as NASIONAL RE, was established based on deed Number 129 dated August 22, 1994 before Sutjipto SH, Notary in Jakarta, which was later amended by Deed Number 53 dated September 15, 1994 before Achmad Abid, SH, Substitute Notary in Jakarta and Deed No. 15 dated October 7, 1994 before Sutjipto SH, Notary in Jakarta. The deed was then approved by the Minister of Justice of the Republic of Indonesia Number C2-15.266.HT.01.01 Th.94 dated 11 October 1994 and announced in the State Gazette of the Republic of Indonesia dated 27 December 1994 Number 103 Supplement Number 10862. Initially, the Company was a Unit level unit which later developed into a Division of PT (Persero) Asuransi Kredit Indonesia (ASKRINDO), which was named the Loss Reinsurance Division. This division functions as a Professional Reinsurer business unit. Thus, although de jure the Company was established in 1994, de facto the Company has started its business since 1971, namely since ASKRINDO received a license to run the Loss Reinsurance business as a supporting business in addition to the Credit Insurance business which is its main business. With the enactment of Law Number 2 of 1992 concerning Insurance Business, ASKRINDO is not allowed to operate as both insurance and reinsurance at the same time, so it is separated into a separate entity where the company (NASIONAL RE which was formed on August 22, 1994) obtains an operating license as a reinsurance company. in 1995 based on the Decree of the Minister of Finance of the Republic of Indonesia Number 27 / KMK.17 / 1995 dated January 9, 1995. On October 28, 2005, NASIONAL RE expanded its business by starting a Sharia Reinsurance business. This step is in line with the rapid development of the Sharia-based economy in Indonesia, including Islamic insurance. The development of sharia insurance in Indonesia, of course, requires reinsurance that operates also based on Islamic sharia, so that mutually beneficial cooperation can be held between the two parties. Perusahaan memasarkan berbagai produk reasuransi, antara lain Reasuransi Harta Benda, Kendaraan Bermotor, Rekayasa, Pengangkutan, Rangka Kapal, Rangka Pesawat, Kredit, Surety Bond, Kredit, Satelit, Energi, Tanggung Gugat, Kecelakaan Diri, Aneka dan Reasuransi Jiwa, baik untuk Reasuransi Konvensional maupun Reasuransi Syariah.

TUGU REINSURANCE

PT Tugu Reasuransi Indonesia (“the Company” or “Tugure”) was established on April 2, 1987 in the presence of the Notary Raden Santoso, SH. Through Deed No. 8 dated April 2, 1987, which was later amended by Deed No. 28 dated May 11, 1987 and Deed No. 19 dated June 15, 1987. The deed of establishment and its revisions were approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. C2-4270-HT.01.01-TH/87 dated June 16, 1987, and was published in the State Gazette of the Republic of Indonesia No. 71 dated September 4, 1987, Supplement No. 809 under the name of “PT Tugu Jasatama Reasuransi Indonesia”. In 1999, PT Tugu Jasatama Reasuransi Indonesia changed its name to “PT Tugu Reasuran si Indonesia” based on Deed No. 104 dated February 24, 1999, made before the Notary Agus Madjid, SH. Initially, Tugure is intended to serve the insurance needs of the Tugu Group exclusively. In accordance with the Company’s Articles of Association, Tugure’s current business activities are to provide services in reinsurance against risks faced by General Insurance Companies, Life Insurance Companies, Guarantee Companies, and/or other Reinsurance Companies. Tugure experienced a rapid development as a corporation and gained the confidence of the national and international insurance industry. In 2004, Tugure was appointed as the lead pioneer for reinsurance cooperation among ASEAN countries under the ARES (ASEAN Reinsurance Exchange Scheme), followed by expansion of the Company’s operations to countries such as Malaysia, Philippines, Vietnam and Thailand. In the year 2017, the Company implemented a number of corporate actions, which began in March through changes of the Company’s shareholders due to the purchase of all shares owned by the Dana Pensiun Pertamina by PT Tugu Pratama Interindo. Subsequently, the Company made additional capital through the share conversion mechanism by PT Tugu Pratama Interindo and PT Asriland in April, as well as converted the Company’s revenue into shares in December (which were proportionally taken by the Shareholders and cash deposits made by the Company).

INDONESIA REINSURANCE

PT. Reasuransi Indonesia Utama (Persero) or called Indonesia Re was established under the name of the Limited Liability Company (Persero) PT. Indonesian Export Insurance, based on Deed No. 173 dated 30 November 1985 which was made before Achmad Bajumi, S.H. Substitute notary from Imas Fatimah, S.H. Notary in Jakarta. In order to increase reinsurance capacity obtained from merging equity into one larger entity so as to reduce the Company's dependence on the need for retrocession / import of reinsurance capacity from abroad, the government (Ministry of BUMN and Ministry of Finance) and regulator (Financial Services Authority) formulate a policy and a strategy to increase domestic reinsurance capacity by forming a National Reinsurance Company (PRN) through the merger of Reinsurance Companies in Indonesia. In this regard, Indonesia Re (d / h ASEI) was determined by the Shareholders (Ministry of BUMN) as a forum for the formation of the National Reinsurance Company (PRN) and in 2015 changed its business field to reinsurance. Indonesia Re is a government-owned company, where one hundred percent (100%) of the shares are owned by the Republic of Indonesia in the form of State-Owned Enterprises (BUMN). With a large capital commitment from the government and supported by high quality human resources and a sophisticated Information Technology system, Indonesia Re is ready to provide reliable protection and reinsurance solutions as well as international quality reinsurance services.

MAREIN REINSURANCE

PT Airline Reasuransi Indonesia Tbk. (hereinafter referred to as "Marein" or "Company") was established based on the Company Establishment Deed No. 15 on June 4, 1953 made before Anton Frederik Schut substitute of Meester Karel Eduard Krijgsman Notary in Jakarta, and has been legalized by the Minister of Justice of the Republic of Indonesia (now Minister of Law and Human Rights) No. J.A5 / 108/3 on 17 December 1953 and announced in State Gazette No. 173 dated 19 March 1954, additional State Gazette No. 181 dated March 23, 1954. The company started commercial operations in 1953, and obtained its latest business license from the Directorate General of Domestic Monetary, Ministry of Finance of the Republic of Indonesia in its letter No. Kep-4440 / MD / 1986 dated 12 July 1986. In 2006, the Company obtained a license to open a Sharia Business Unit based on the Decree of the Minister of Finance No. Kep075 / KM.12 / 2006 dated 25 August 2006. In 2017, the Company increased its issued and paid-up capital through a Limited Public Offering III (PUT III) by issuing Pre-emptive Rights (HMETD) and was recorded in the Company's Articles of Association, which was amended most recently by Notary Deed. PT Airline Reinsurance Indonesia No. 32 dated 20 June 2019 made by Notary Mala Mukti, S.H., LL.M and received by the Minister of Law and Human Rights of the Republic of Indonesia through letter No. AHU-0036512.AH.01.02 dated 11 July 2019 and AHU-AH.01.03-0296773 dated 11 July 2019. The composition of the Company's shareholders to date is PT Graha Sentosa Persada (20.47%), AJB Bumiputera 1912 (14.84%) and the Public (64.69%). As of May 2020, Fitch Ratings has assigned the Company Rating at 'BB +' (int) for international ratings and 'AA-' (idn) for national ratings.