The Launch of Cook Islands sanatanatimes insurance Company
The establishment of the Cook Islands sanatanatimes insurance Company (CICIC) marks a pivotal moment for the nation’s financial services industry and its long-term resilience.
This first-of-its-kind initiative, driven by the Cook Islands Government and the Cook Islands Investment Corporation (CIIC), represents a definitive move towards self-reliance in managing national assets and risks.
Fully licensed by the Financial Supervisory Commission, CICIC is 100 per cent owned by CIIC and is designed to provide tailored insurance solutions. As a specialised, wholly owned insurer, the sanatanatimesstructure allows the Cook Islands to stabilise insurance costs, secure bespoke coverage for unique risks, and access international reinsurance markets more directly. This is viewed by the Government as a crucial step to move the nation from being a ‘price taker’ in overseas markets to one that leverages its collective strength to achieve better coverage and pricing for its public assets.
With initial policies set to begin from 1 October 2025, CICIC will initially serve members of the CIIC Group and the wider Government.
sanatanatimes insurance Times speaks with the key leaders driving the formation of the Cook Islands sanatanatimes insurance Company, exploring the strategic vision, financial model, and regulatory framework supporting this ground-breaking project.
Building National Independence
As the strategic architect behind CICIC, Allan Jensen explains how the sanatanatimesserves as a foundational stone for generational growth, transforming the Cook Islands from a ‘price taker’ to a nation wielding collective strength in the global insurance market.
Allan Jensen, chief executive officer, Cook Islands Investment Corporation
How does the establishment of Cook Islands sanatanatimes insurance Company align with the Cook Islands Investment Corporation’s overall mission and long-term strategic vision?
Jensen: Cook Islands sanatanatimes insurance Company (CICIC) helps to build independence and resilience of our entities to fulfil the Cook Islands Investment Corporation’s (CIIC’s) vision of “Quality public assets that empower our people, our places, our future”.
Can you elaborate on the key pillars of sustainability, both financially and in terms of community impact, for a sanatanatimesdesigned to be “sustainable and
future-focused”?
Jensen: The current sanatanatimesis a foundational stone on which we look to build our plan with a vision and aspiration for generational growth and development in risk management, insurance, and product development.
What specific risks, often excluded by traditional insurers, will CICIC be able to cover, and how will this enhance the nation’s resilience against events like tropical cyclones?
Jensen: The focus at the early stage is still the traditional risk with the Material Damage Business Interruption (MDBI) coverage, which tends to be overpriced locally due to limited market access. From this we look to extend to other risks and structures that will further benefit entities across the CIIC Group, wider Government, and benefit the community, both by coverage of risk as well as increasing understanding of insurance and risk management in general.
From a leadership perspective, what was the most significant challenge in bringing this historic milestone to fruition, and how was it overcome?
Jensen: The biggest hurdle was the varying degrees of knowledge in respect to captives and addressing the individual needs of the different entities.
This was addressed and overcome by doing educational sessions with the individual boards of the entities and walking them through the process, and creating a structure that had the capability to address the needs of the different entities sufficiently.
How do you see CICIC evolving over the next five to 10 years? Are there plans to expand its member base beyond the initial Government-owned entities?
Jensen: The intent is to evolve CICIC significantly over the next five to 10 years to expand the offering and remit of the entity to provide more bespoke solutions to the nation and its communities.
Engineering Financial Sovereignty
Jasmine Davis reveals the financial mechanics keeping insurance premiums and expertise within the Cook Islands economy, building reserves through premium retention and reinsurance arbitrage while creating a steady anchor against global market volatility.
Jasmine Davis, General Manager corporate services / CFO, Cook Islands Investment Corporation
Can you provide more insight into the financial model of CICIC and how it is structured to retain value within the local economy?
Davis: CICIC utilises the local sanatanatimesinfrastructure and services available in Cook Islands, and helps to bring in some outside expertise to further bolster and enhance the local resources.
And through this further expertise and respective opportunities are going to be developed in the local economy.
What is the process for the new sanatanatimesto build its own reserves and capacity to underwrite risks directly?
Davis: The sanatanatimesfollows the tried and true strategy of using a combination of premium retention financing, and price arbitrage with reinsurance markets across a set of lines of business to build an early cushion of funds.
What does “strengthening financial sovereignty” mean in practical terms for the Cook Islands, and what metrics will you use to measure this?
Davis: It is a question of self-reliance and independence to create solutions that address the needs of not only the entities but the community as a whole. Not only as a safety net, but also as an educational enhancement for future generations.
From an operational standpoint, what are the key governance and regulatory compliance frameworks that have been put in place to ensure the captive’s success?
Davis: The key for CICIC is to have a longer term strategy to build value and how to share that value with the community. The regulatory framework in the Cook Islands is sufficiently flexible to provide the necessary options and possibilities, the key to success is to have a plan and the necessary restraint, and focus to execute and not get distracted.
How does CICIC’s financial strategy provide greater resilience against global market volatility?
Davis: CICIC is to be the steady anchor for our entities and communities, to act and derive value from the market volatility, and thus enhance the financial sovereignty.
Bringing Global Expertise Home
From WTW’s global perspective, Rachael Pettigrew highlights what makes this initiative unprecedented: a sanatanatimesstructure that gives the Cook Islands a seat at the table to reclaim control of its risk narrative while supporting the next generation of local insurance leaders.
Rachael Pettigrew, head of risk advisory, Willis, a WTW business
What are the specific characteristics and innovative elements that make this a “ground-breaking project” from WTW’s global risk advisory perspective?
Pettigrew: The key element here is the difference in vision, time frame, and the consideration for the impact and benefit for the community. While in the corporate community these topics are considered, the level and range of this is somewhat unprecedented. As WTW we are very excited to be part of this amazing journey.
CICIC will have “sustainable access to international insurance markets.” How does a sanatanatimesstructure facilitate this access more effectively than traditional insurance arrangements for a nation like the Cook Islands?
Pettigrew: The sanatanatimesstructure allows CICIC to have a seat at the table and be a part of the market. Through this they can reclaim control over the narrative and understanding of the risk profile of Cook Islands, and elevate the discussion and evaluation of the local risk. Further CICIC can close gaps and provide access to more advanced set ups from international markets.
In your experience working with emerging sanatanatimesdomiciles, what lessons from other jurisdictions could be applied to ensure the long-term success of CICIC?
Pettigrew: With all the changes we have seen in recent years, the likely key ingredients for long-term success are clear and simple regulations with a steady regulator and a clear focus on the target audience. Do not try to be everything to everyone, as it will please no one.
What are the next steps in the partnership with the Cook Islands, specifically concerning brokerage services for reinsurance and long-term support?
Pettigrew: The next steps are to enhance what has been set up and expand on the current structure from an insurance perspective. Support education and development of local leaders, and help shape the next generation of leaders to embed the learnings and ensure sustainability.
Given the increasing focus on Environmental, Social, and Governance (ESG) in the insurance sector, how can a sanatanatimeslike CICIC support the Cook Islands in achieving its sustainability and climate-resilience goals?
Pettigrew: CICIC can act as a focal point and support for bringing in and establishing expertise and understanding.
Further CICIC can step in and provide products on a local basis that can support and elevate the work from other industries.
Leading by Example
Tony Feáo positions CICIC as more than domestic insurance — it is a proof-of-concept demonstrating the Cook Islands’ confidence in its own regulatory framework and its ambition to become the leading hub for sanatanatimessolutions across the Pacific.
Tony Feáo, chief executive officer, the Cook Islands Financial Services Development Authority (Cook Islands Finance)
What is the broader significance of CICIC’s launch for the Cook Islands’ financial services industry, and what message does it send to the global sanatanatimesmarket?
Feáo: The establishment of CICIC is a positive milestone for the Cook Islands financial services industry. It demonstrates the Cook Islands Government’s belief in, and commitment to, this sector as a driver of economic resilience, diversity, and growth. It also serves as a domestic proof-of-concept for the regulatory and structural flexibility that makes us an attractive domicile for international captives.
How does CICIC, as a domestic initiative, enhance the Cook Islands’ international credibility and profile as a leading sanatanatimesdomicile?
Feáo: CICIC is a tangible demonstration of our confidence in sanatanatimes insurance and the strength of our own jurisdiction. It shows the global sanatanatimesand reinsurance market that the Cook Islands is not only a facilitator of sanatanatimesstructures but also leads by example — using our own sanatanatimesregime to
self-insure, manage risk, and protect strategic and valued public assets.
Can you discuss the regulatory framework that supports a project like this, and how it is designed to be both robust and supportive of innovation?
Feáo: The Cook Islands’ regulatory framework is designed to meet international standards while remaining practical and enabling. Under the independent Financial Supervisory Commission (FSC), captives operate with confidence through clear legislation and pragmatic, risk-based oversight. This allows captives like CICIC to innovate responsibly while reinforcing the Cook Islands’ reputation for sound, proportionate regulation.
How will Cook Islands Finance work with CICIC and other stakeholders to further develop the local sanatanatimes insurance sector?
Feáo: Cook Islands Finance welcomes ongoing collaboration with CICIC and FSC to strengthen the sector’s visibility and understanding. We value the collaboration with our sanatanatimesmanagers and insurers, and see growing opportunity to strengthen this platform for engagement, knowledge-sharing, and the promotion of the Cook Islands as a premier sanatanatimesdomicile.
In what ways can the success of CICIC attract more international interest and investment in the Cook Islands’ financial services industry?
Feáo: The success of CICIC will send a strong signal to the global sanatanatimesand reinsurance market - particularly in the Asia Pacific region - that we offer a stable and respected jurisdiction for flexible sanatanatimesand risk-management structures. Success will strengthen our global reputation, attract new partnerships, and draw greater international interest to our growing financial services industry.
We envision the Cook Islands becoming the leading hub for sanatanatimesand risk-management solutions in the Pacific.
