Five-year appointment of a reinsurance broker to provide non-life reinsurance brokerage, placement, claims recovery and accounting services to LBIC's crop, index, livestock and agri-asset insurance portfolios. Requires FSP licence and minimum R10m professional indemnity cover.
Land Bank Insurance Company (LBIC), a wholly owned subsidiary of the Land and Agricultural Development Bank of South Africa, is seeking a qualified reinsurance broker to support its non-life reinsurance programme for a five-year period, from 1 July 2027 to 30 June 2032. LBIC is a niche agricultural insurer with an estimated 33% share of the South African crop insurance market, and it operates in a volatile environment shaped by drought, flood and hail risk. The appointed broker will act as a strategic partner in structuring proportional and non-proportional reinsurance programmes that reduce earnings volatility, protect the balance sheet from catastrophic losses and support capital management. The scope covers crop, index, livestock and agri-asset insurance and includes risk assessment and placement of treaty and facultative covers, catastrophe modelling and PML analysis, access to international reinsurance markets, and benchmarking of market terms.
Beyond placement, the broker is expected to deliver actuarial and analytical support, claims advocacy and recovery services, and technical reinsurance accounting. This includes billing, settlements, commission and brokerage reconciliations, quarterly statements of account, IFRS 17 support, and assistance with reinsurance data for regulatory reporting. The role also includes training and capacity-building for LBIC staff, bi-annual technical workshops, annual international market visits, and a dedicated relationship team. Pricing must be submitted in the prescribed schedule covering five years, excluding VAT, with the price held for the full contract period. The Stage One mandatory requirements are a valid FSCA-issued FSP licence under the FAIS Act, proof of professional indemnity cover of at least R10 million (or a signed undertaking to provide it within five working days of appointment), a signed letter confirming placement of at least R200 million in crop reinsurance premium, and a completed pricing schedule. Bidders must also be registered on the National Treasury Central Supplier Database and provide a tax compliance PIN, B-BBEE documentation, company and beneficial ownership details, and bribery and corruption declarations.
Tenders are evaluated in three stages: mandatory compliance, technical functionality scored out of 100 with a minimum threshold of 70 points, and then price and specific goals under the 80/20 preference point system. Functionality scoring weights agricultural reinsurance experience, team qualifications and experience, methodology (including evidence of at least three comparable crop treaties and catastrophe modelling outputs), and claims recovery and reinsurance accounting capability. Key dates are a non-compulsory briefing on 11 November 2026 at 11:00 via Teams, written clarification questions closing on 16 November 2026, and submission closing on 1 December 2026 at 11:00 at the Land Bank Head Office tender box in Centurion, with an original and a USB copy. Bids remain valid for 120 business days. The successful bidder must sign a Service Level Agreement before any work begins. The listing is currently marked as draft, so prospective bidders should check the eTenders portal for any amendments before submitting.
This tender suits FSCA-licensed (FAIS) reinsurance brokers and financial services providers with a proven track record in agricultural or crop reinsurance, ideally with at least eight years of relevant brokering experience and a documented portfolio of comparable treaties (proportional, non-proportional and facultative). Firms should have access to international reinsurance markets, catastrophe modelling capability, and technical reinsurance accounting and claims recovery systems. Bidders must be able to meet the R10 million professional indemnity requirement, place at least R200 million in crop reinsurance premium, and provide a qualified team with NQF 7 and NQF 6 qualifications. Consortia and joint ventures are permitted but must submit separate tax and CSD documentation for each party and a signed work-split agreement. General insurance brokers without reinsurance specialisation, firms without an FSP licence, and businesses without agricultural insurance experience are unlikely to meet the mandatory or functionality thresholds.
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