The Insurance Power Play

PACT Group

Background

The Pact Group, a global leader in sustainable packaging, reuse, recycling, and contract manufacturing, operates across 133 locations in 16 countries, employing over 6,000 staff. In the face of a hardening global property insurance market, the company was experiencing increasing insurance costs and diminishing coverage. This challenging environment led Pact to consider alternative risk transfer options, such as captive self-insurance, to mitigate escalating expenses.

Our Services

Resilient was engaged by the Pact Group to conduct a thorough review of their insurance program and to manage the tender process for their recent insurance renewal. The focus was on navigating the complexities of the global insurance market and exploring strategic alternatives to traditional insurance solutions.

Strategy and Approach

The strategy involved a comprehensive assessment of Pact's current insurance arrangements, identifying areas where costs could be reduced without compromising coverage. The approach also entailed exploring innovative risk transfer solutions that could offer more favourable terms in the challenging market environment.

Tendering Process and Broker Selection

A transparent and competitive tender process was implemented to identify and select a broker capable of handling the unique challenges posed by the global property insurance market. The selection criteria included the broker’s expertise in alternative risk transfer, their ability to negotiate effectively in a tough market, and their commitment to act in the best interests of the Pact Group.

Outcome

The engagement with Resilient yielded remarkable results for PACT Group:

Resilient successfully achieved significant annual cost savings for the Pact Group, reducing fees and commissions by approximately 30%.

Implemented alternative risk transfer initiatives that effectively balanced out the increases in property premium enforced by the market.

Positioned the Pact Group to continue reducing its annual insurance costs and improve coverage, particularly in response to the ongoing hardening of the global property insurance market.

This case study highlights Resilient's expertise in providing tailored solutions in a challenging insurance landscape, leading to substantial cost savings and maintaining robust coverage for a global manufacturing leader.

The Insurance Power Play

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