Pacific Re (PacRe), the only Pacific-owned reinsurance company, celebrated a strong year of growth at its second annual Client and Business Partner Cocktail Event. CEO Lolesh Sharma shared good news, announcing that PacRe’s income grew from K11 million in 2022 to K34 million in 2024. That’s a 52% increase in just one year, and the company is now aiming to reach K40 million in 2025. “PacRe now handles 25% of PNG’s reinsurance market, which is worth around K120 million.” “We’re proud to help build local skills, pay claims quickly, sometimes within 24 hours, and support clients from PNG all the way to Tuvalu.” The company is also leading in microparametric insurance, a type of insurance that assists after natural disasters. PacRe is working with Fiji, Samoa, PNG, and now the Solomon Islands, along with big global partners and weather experts. Sharma also spoke about training 35 local professionals in reinsurance basics earlier this year. This is part of PacRe’s goal to grow the Pacific’s insurance industry by teaching and upskilling local talent. MVIL Chairman Joe Kramer thanked outgoing MVIL CEO Michael Makap, for helping turn around PacRe and its sister company, Pacific MMI. He said Makap’s leadership was “instrumental” in saving both companies and helping them grow. Makap also thanked everyone in the industry. “This success belongs to all of us—brokers, regulators, global partners, and our team.” With more insurance capacity, strong finances, and growing partnerships across the region, PacRe is set to keep playing a big role in protecting people and businesses across the Pacific.