AVX Industries Pte,Ltd

For the first time, MIGA used its reinsurance facility to provide reinsurance to a private insurance company, Nordia. In cooperation with Pan Financial, Nordia's U.S. agent, MIGA reinsured 50 percent of the company's exposure under its contract with AVX Industries PTE Ltd., for a total coverage of $1.75 million, against the risks of war and civil disturbance. AVX Industries is a wholly-owned subsidiary of AVX Corporation, an American subsidiary of Kyocera Corporation of Japan. In addition, MIGA insured AVX Corporation directly for $10.4 million against the risk of war and civil disturbance. The guarantee covers AVX's contribution to the expansion of its capacitor manufacturing facility in the El Salvador Free Zone. Established in 1977 with a work force of 350, AVX Industries PTE Ltd. has become the largest employer in the area, now employing 1,600 people. A new product line will create forty-nine new jobs and increase the level of local procurement.