PACIFIC ROADSIDE ASSISTWho is Pacific Insurance Berhad?
The Pacific Insurance Berhad (PIB) has its roots going back to the 1950s when it was the Malayan business arm of The Netherlands Insurance Company
On 24th March 2011, Fairfax Asia Limited acquired 100% of the equity of The Pacific Insurance Berhad, and Fairfax Financial Holdings Limited of Canada became the ultimate holding company.
What is the recent transaction about?
The operations of MCIS general insurance division will be transferred to The Pacific Insurance Berhad as a result of the current transaction.
Is Pacific Insurance Acquiring The Whole Of MCIS Insurance, Including The Life Business?
Pacific Insurance is only acquiring the general insurance business of MCIS Insurance.
I Have Been A Customer Of MCIS Insurance For Many Years. With This Merger, What Would Happen To My Existing Policy?
Your MCIS general insurance policy will be valid up to its expiry period and will be transferred to PIB on the transaction date. All customers will be informed of the changeover through leading media and publications. No changes to MCIS Life policyholder as your policies will remain with the company.
Customer hotlines will be published for both MCIS and PIB policyholders.
What Happens To My Existing Claims?
Any current/existing claims of customers will be handled by PIB after the official transaction date.
What Classes Of Insurance Does Pacific Insurance Offer?
The Pacific Insurance Berhad offers all classes of general insurance business and is known for being a pioneer and a quality provider of medical insurance.
World class products and services will continue to be made available to our customers going forward.
What If I Have A Claim In The Future? Who Will Handle It?
PIB will handle all of your future claims as long as you are a policy holder of either PIB or MCIS. For any clarifications please dial out hotlines.
What Happens If I Choose To Terminate My General Insurance Policy With MCIS Insurance? Am I Entitled To A Refund?
Yes. You will be entitled to a refund if you choose to terminate you general insurance policy with MCIS as per the normally followed cancellation process and procedures.
What Can I Expect From The Pacific Insurance Berhad?
PIB is a 100% subsidiary of Fairfax Asia. Fairfax is committed to the long term growth and development of its business in Malaysia and considers Malaysia to be one of the key markets to invest into the future.
What will happen to my agent at MCIS Insurance? Will he / she be able to continue to serve me as an agent with Pacific Insurance?
From the transaction date, all MCIS General Insurance agents will officially be Pacific Insurance’s authorised agent to continue servicing you.
Why Not Maintain Both Pacific Insurance And MCIS Insurance As Separate Entity? Why Must They Be Merged?
This is a procedure from Bank Negara Malaysia, that we have to surrender the composite insurance licence upon completion of the transaction. Bank Negara rules do not allow an insurer to hold more than one licence.
Who Is Fairfax Asia Limited?
Fairfax Asia Ltd., through its subsidiaries, provides property and casualty insurance. The company is a subsidiary of Fairfax Financial Holdings Limited, Canada.
What are its strengths?
Fairfax Asia Ltd through its subsidiaries and joint ventures, operates in Singapore, Hong Kong, Indonesia, India, Thailand and China apart from Malaysia.
Fairfax Asia Ltd is wholly-owned by Fairfax Financial Holdings Ltd of Canada. Fairfax is a large Canadian financial services holding company, and is listed on the Toronto Stock Exchange.
With over USD2.6 billion in unconsolidated GWP in 2013, Fairfax Asia is one of the largest non-life players in Asia.
What Is The Acquisition About?
PIB is acquiring the general insurance business of MCIS Insurance Berhad.
Which number do I call if I have a claim/policy/other issues?
Please call our hotline 1800 881629 for any of your queries
I Have A Claim Right Now, How Will This Be Settled?
Your claims will be handled by PIB from the transaction date.
Do you have a website?
Can I walk into any branch to get info about MCIS/PIB?
Yes, a complete list of PIB’s branches will be published on our website and policy dockets.
Who Will Be The Responsible People For Customer Service?
Customer service hotlines will be published in leading dailies and media on transaction date
What are the hotline numbers?
Please call our hotline 1800 881629 for any of your queries
Are You Further Expanding?
Fairfax is committed to invest in Malaysia for the long term and expect to expand operations in the years to come
What happens to MCIS?
MCIS will continue as a life insurance company in the market.
How will this merger affect me as an agent/broker?
The merger between PIB & MCIS General Insurance Division will transform the competitive landscape of the insurance industry. It will bring about an increased size & scale of our combined company.
We aim to provide an even better service proposition to our agents and brokers investing in the best of technology and making available innovative and world-class products to our agents and brokers.
Will I be able to earn better commissions?
We will provide you with better products and services that will help increase your own individual productivity and increase opportunities to help earn more commission.
What happens to my existing unpaid profit/commission?
All of the existing commissions and profit commissions will be the responsibility of PIB once upon transfer.
What’s in it for me, as a Broker? What are the plans after the merger exercise?
You will be part of a bigger family and bigger plans, where we plan to drive broker relationships and manage broker productivity, explore SME schemes and other product schemes with brokers.
When will this transaction be concluded?
We have obtained the approval from Bank Negara Malaysia. We will now proceed with the legal steps and hope to conclude the transaction by first quarter of 2015.
Will there be a rebranding exercise?
This will be discussed upon completion of the merger exercise. The board will make a decision on this matter towards end 2015.
Which brand do I operate under?
Going forward you will be under The Pacific Insurance Berhad.
Who is Fairfax Asia Limited and what are their core competencies?
Fairfax Asia Ltd., through its subsidiaries, provides property and casualty insurance. The company is a subsidiary of Fairfax Financial Holdings Limited, Canada.
What are their strengths?
Fairfax Asia Ltd through its subsidiaries and joint ventures, operates in Singapore, Hong Kong, Indonesia, India, Thailand and China apart from Malaysia.
Fairfax Asia Ltd is wholly-owned by Fairfax Financial Holdings Ltd of Canada. Fairfax is a large Canadian financial services holding company, and is listed on the Toronto Stock Exchange.
With over USD2.6 billion in unconsolidated GWP in 2013, Fairfax Asia is one of the largest non-life players in Asia.
What are the long-term goals of Fairfax Asia Limited for the new merged entity?
Our global best practices, pricing sophistication, IT and technology tools and world class service will be implemented in Malaysia. We aim to be the Preferred Insurer of choice in Malaysia
Are you giving me new products?
We aim to provide you with new and innovative products (as approved by BNM) combined with world class customer and agency/broker service
Who do I approach for new business/renewals?
Please approach your existing relationship manager/branch manager as always.
Where are the new branch addresses?
Branch addresses of PIB are available on the internet. As a result of the transaction PIB will have 3 new branches, Seremban, PJ and Medan Tuanku. These addresses will be published on the internet and other media upon transaction being completed.
What is the HQ address?
The HQ of PIB will remain as is and the combined company after the transaction will operate from the existing PIB HQ
What happens to my license?
If you are a PIB agent, your license remains unchanged.
If you are an MCIS agent, your license will transfer to PIB automatically upon the court issuing the vesting order
Which IT system do I use to issue e-policy?
You will continue to use the current system you are currently using (PIB agents use FLAS whilst MCIS agents use Rexit). Over a period of time we will merge the IT systems and will keep everyone fully informed.
What do I tell my customers if he has any claims/policy issues/complaints?
We will publish the customer service hotlines on transaction date.
What happens to the old MCIS hotline?
Please call our hotline 1800 881629 for any of your queries. This is the PIB hotline going forward
What is your website / Can I go to MCIS website?
Yes you can go to MCIS website. When the exercise is completed you will be directed to PIB website.