BSP, KCL plan joint venture

THE Bank of South Pacific and Kumul Consolidated Holdings Limited are planning to jointly operate the insurance company Pacific MMI Limited in the region.
The scope of the joint venture will includes Bank of South Pacific Life (Fiji) Limited which provides life insurance in Fiji.

A memorandum of understanding was signed by BSP chief executive officer Robin Fleming and Kumul Consolidated Holdings Limited (KCL) managing director Garry Hersey in Port Moresby last Tuesday.
Minister for Public Enterprises and State Investments William Duma said since KCL owned Pacific MMI Limited, “we are now exploring how we can best leverage our relationship with Bank of South Pacific”.
“The prospective partnership will give Pacific MMI an enormous presence in the market place,” he said.
Duma recently urged government-owned agencies to consider Pacific MMI as their insurance provider.
“There are many business-to-business opportunities within our portfolio of state-owned enterprises,” he said.
“This is another example and it is one that will strengthen the position of Papua New Guinea in the Pacific region.”
Pacific MMI Insurance is a national insurance company operating throughout Papua New Guinea and the Pacific region. It provides a range of personal, commercial and corporate insurance products through selected insurance brokers, business partners, and direct to the public.