Price Forbes and Sino Insurance Brokers appointed as exclusive reinsurance brokers of the Bogota Metro Line 1 project
28 October 2020
Following the award in 2019 of the concession for construction, operation and maintenance of the Bogota Metro Line 1 project to APCA Transmimetro, a consortium of China Harbor Engineering Co (CHEC), China Railway Rolling Stock Corp, Xi’an Metro and Bombardier Inc, the Colombian presidency signed an order to finally commence construction of the project on 20th October. Price Forbes, in conjunction with Sino Insurance Brokers, were appointed as sole and exclusive reinsurance brokers for all insurances required under the concession contract by the consortium in 2019 due to their strong links in China and Colombia.
Signed virtually due to the ongoing coronavirus pandemic, the order represents the beginning of a USD5.2bn infrastructure project, the most important in Latin America this year. Once complete in 2028, the 24km-long, 16-station metro line will connect Colombia’s capital city from north to south, transporting as many as 72,000 passengers per hour and easing the pressure on the only existing public transport Transmilenio bus rapid transit (BRT) system which can no longer support demand.
Amongst the reinsurance solutions that Price Forbes and Sino provided to the client, we have provided a close consultancy based on our knowledge of the local regulations, concession contract and knowledge of the clients risk appetite. We are proud of contributing to the development of the local infrastructure and we look forward to seeing the project complete in the near future!