The Cook Islands Government and the Cook Islands Investment Corporation (CIIC) are proud to announce the establishment of the Cook Islands Captive Insurance Company (CICIC), a first-of-its-kind initiative for the nation.
Fully licensed by the Financial Supervisory Commission, CICIC is 100% owned by CIIC and will provide tailored insurance solutions that keep more value in-country, while giving government and community assets access to global reinsurance markets.
Deputy Prime Minister and Minister for CIIC, Hon. Albert Nicholas, said the initiative marks an important step toward self-reliance and resilience.
“For too long we have been price takers in overseas insurance markets. CICIC changes that. It allows us to come together, leverage our collective strength, and secure better coverage and pricing for our assets. This is about protecting our people, our infrastructure, and our future.”
The establishment directors of CICIC are Fletcher Melvin, Olivia Heather, and Halatoa Fua.
CIIC Chair Fletcher Melvin said the project highlights the depth of talent and vision within the Cook Islands.
“This is an historic milestone. By creating CICIC, we are showing that the Cook Islands has the capability, expertise and foresight to establish innovative financial solutions. We are grateful to the many local and international partners who have helped bring this to life.”
The Government has partnered with Willis, a leading global insurance broker, to support the establishment of CICIC and provide brokerage services for reinsurance.
Rachael Pettigrew a Willis spokesperson welcomed the partnership:
“We are delighted to work with the Cook Islands on this ground-breaking project. CICIC ensures the Cook Islands will have sustainable access to international insurance markets, backed by sound governance, actuarial expertise, and reinsurance capacity.”
Why CICIC?
Captive insurers are specialised companies wholly owned by their members. They are widely used across the globe to stabilise insurance costs, access wholesale reinsurance markets, and secure tailored coverage for unique risks.
For the Cook Islands, CICIC will:
- Provide greater resilience against market volatility.
- Ensure coverage for risks often excluded by traditional insurers (such as tropical cyclones or outer island locations).
- Retain value within the local economy.
- Strengthen financial sovereignty and community confidence.
CIIC Chief Executive, Allan Jensen, said CICIC is designed to be sustainable and future focused.
“This captive will allow us to manage risk smarter, support our members more effectively, and ensure claims can be met reliably. It’s about building resilience not just for today, but for decades to come.”
Next Steps
CICIC will begin providing policies to its members (initially members of CIIC Group, currently being engaged, and most likely will include the Cook Islands Government Property Corporation, the Airport Authority, Avaroa Cable, Bank of the Cook Islands, Ports Authority, Te Aponga Uira, To Tatou Vai, Te Mana Uira o Araura) from 1 October 2025, with reinsurance purchased from global markets to back claims. Over time, CICIC will build its own reserves and capacity to underwrite risks directly, ensuring further benefits flow back to the Cook Islands.
