Board of Director’s Report

In mid 2008, PT. Tugu Reasuransi Indonesia declared the company’s commitment to rise from the fall that it experienced two years prior. The condition, which was caused by both external – such as several national disasters suffered by Indonesia - and internal factors, has drastically hampered the company’s performance.

2008 is the year of realization of that commitment. Armed with the spirit, Tugu-Re attempted to repair the company’s system and work culture to be able to accommodate the modern era globally and the growth of insurance industry specifically.

The first step taken by Tugu-Re is to revamp its internal organization. Basic general functions of insurance company were re-implemented into the company’s operation, so it could fix and perfect its manual underwriting and re-focus its concentration to prudent underwritings. This re-organization also included uniting the company’s vision and mission throughout the entire Tugu-Re personnel and the implementation of the renewed SOP (Standard Operational Procedure).

Other than that, the company also attempted to relocate its attention to the re-implementation of IT system in the company’s daily operation. The integration of company database in a joint network is vital because it will smooth out the work process. Internal communication is more easily connected and data processing becomes more practical, which emphasizes the company's paperless policy and minimizes storage space.

We are optimistic that the steps that we have taken will put the company back on its track so the recovery process can move smoothly and the company can return to its healthy form. The support from our partners and clients also contributed a great deal to the recovery process. Our biggest gratitude goes to our partners and clients for their loyalty and support through our arduous time. We would also like to express our highest gratitude and appreciation to the entire Tugu-Re employees for the dedication and loyalty that they have shown to the company.

Last but not least, we would also like to give our thanks to the shareholders and board of commissioners for the trust and support they gave to the board of directors. It is our greatest hope that the trust and support could serve as a much needed shot-in-the-arm to bring Tugu-Re to become the best reinsurance company both in Indonesia and in the regional scale.