Republic Surety And Insurance Company, Inc. (RSIC)

RSIC is a professional non-life insurance company purchased by Meralco in March 2007 as a medium to underwrite Meralco’s risk exposures and insurance needs.

RSIC aims to be the most dynamic, pro-active risk management and underwriting company—not just for its parent company, Meralco, but the industry as a whole, promising to commit itself to implementing Risk Management methods with an emphasis on risk analyses and mitigation, loss control management and general insurance management. As part of its mandate to identify and manage the risks of its parent company, and in spite of the risk-aversion of traditional commercial insurance and reinsurance market for transmission and distribution, RSIC has arranged an insurance program to cover Meralco’s transmission and distribution assets.

Visioning itself as the total risk solution provider, RSIC believes that it will become a major player in the local insurance industry within a short period of time. In a span of six months, RSIC was able to raise a gross premium of P55 million and net income of P 2.2 million.

In 2008, its first full year of operation, while continuing to build its organization, RSIC was able to generate a gross premium of P 185 million or 236% increase compared to 2007 figures. Net income was P 12 million or 445% increase over that of 2007.

RSIC also hopes to contribute to the promotion of Corporate Governance Best Practice and Corporate Social Responsibility (CSR) in the Philippines.