Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA

Please refer to NP Documentation. Please refer to NP Documentation.

CPV: 66000000 Financial and insurance services
Place of execution:
Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Awarding body:
Malta Financial Services Authority
Award number:
NP-02-24

1. Buyer

1.1 Buyer

Official name : Malta Financial Services Authority

2. Procedure

2.1 Procedure

Title : Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Description : Please refer to NP Documentation.
Procedure identifier : 7eb2dc3b-4b98-4b27-a270-29cbded5b3cc
Type of procedure : Negotiated without prior call for competition

2.1.1 Purpose

Main nature of the contract : Services
Main classification ( cpv ): 66000000 Financial and insurance services

2.1.2 Place of performance

Country subdivision (NUTS) : Malta ( MT001 )
Country : Malta

2.1.4 General information

Legal basis :
Directive 2014/24/EU

5. Lot

5.1 Lot technical ID : LOT-0001

Title : Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Description : Please refer to NP Documentation.
Internal identifier : NP-02-24

5.1.1 Purpose

Main nature of the contract : Services
Main classification ( cpv ): 66000000 Financial and insurance services

5.1.2 Place of performance

Country subdivision (NUTS) : Malta ( MT001 )
Country : Malta
Additional information :

5.1.4 Renewal

Maximum renewals : 0

5.1.6 General information

Procurement Project not financed with EU Funds.
The procurement is covered by the Government Procurement Agreement (GPA) : yes

5.1.15 Techniques

Framework agreement :
No framework agreement
Information about the dynamic purchasing system :
No dynamic purchase system

5.1.16 Further information, mediation and review

Review organisation : Public Contracts Review Board
Organisation providing offline access to the procurement documents : Malta Financial Services Authority
TED eSender : European Dynamics S.A.

6. Results

Value of all contracts awarded in this notice : 292 150 Euro
Direct award :
Justification for direct award : Extreme urgency brought about by events unforeseeable for the buyer
Other justification : In today's sensitive Insurance market conditions, the 30-day time window is a very short period of time for Insurers to manage to get the necessary quotes to be able to bid on time. Thus, same as happened in previous years, the Authority ended up without any bids, which subsequently led to our current brokers, Antes, to conduct a re-marketing exercise to get the necessary best quotes. The brokers approached 38 insurance companies, both locally and internationally, but only one company was willing to offer Primary and the Excess layers covers. Brokers find it extremely hard in securing terms from the market for Professional Indemnity Insurance, insurers are no longer willing to provide Professional Indemnity Cover, and will only offer Directors & Officers and Comprehensive Crime covers. Appetite in the Insurance market for Regulators, has been extremely limited as regulatory activities tend to fall outside of many underwriters' remit, in particular the Professional Indemnity exposure of regulators.

6.1 Result lot ldentifier : LOT-0001

6.1.2 Information about winners

8. Organisations

8.1 ORG-0001

Official name : Malta Financial Services Authority
Registration number : MT17133211
Department : MFSA
Postal address : Mdina Road, Zone 1, Central Business District
Town : Birkirkara
Postcode : CBD 1010
Country : Malta
Telephone : +356 21441155
Fax : +356 21441188
Internet address : http://www.mfsa.mt
Buyer profile : http://www.mfsa.mt
Roles of this organisation :
Buyer
Organisation providing offline access to the procurement documents

8.1 ORG-0002

Official name : Antes Insurance Brokers Limited
Registration number : C10536
Department : Antes Insurance Brokers Limited
Postal address : Trident Park, No. 8A Level 5, Notabile Gardens, Mdina Road, Central Business District Zone 2
Town : BIRKIRKARA [Birkirkara]
Postcode : CBD 2010
Country : Malta
Telephone : +356 23855555
Roles of this organisation :
Tenderer

8.1 ORG-0003

Official name : Public Contracts Review Board
Registration number : TBD
Department : Ministry for Finance and Employment
Postal address : Notre Dame Ditch
Town : Floriana
Postcode : FRN 1601
Country : Malta
Telephone : +356 2139095
Roles of this organisation :
Review organisation

8.1 ORG-0004

Official name : European Dynamics S.A.
Registration number : 002024901000
Department : European Dynamics S.A.
Town : Athens
Country : Greece
Telephone : +30 2108094500
Roles of this organisation :
TED eSender

11. Notice information

11.1 Notice information

Notice identifier/version : 8439f769-72f8-48d1-a337-0aacfb7c1bb8 - 01
Form type : Direct award preannouncement
Notice type : Voluntary ex-ante transparency notice
Notice dispatch date : 25/11/2024 14:54 +01:00
Languages in which this notice is officially available : English

11.2 Publication information

Notice publication number : 00719925-2024
OJ S issue number : 230/2024
Publication date : 26/11/2024