On June 25th, 2007 the first intake of students graduated under the “Alliance for
Indonesia Insurance Education” project, a public-private partnership between the
Federation of Indonesian Insurance Associations (FAPI), the Southeast Consortium
of International Development (SECID) and the Ministry of Finance, with funding
from USAID and the Starr Foundation.

The primary objective of the “Alliance” project has been to create the Indonesian
Institute of Risk Management and Insurance, known by its initials in Bahasa Indonesian
as STIMRA. STIMRA was formally launched on 23 March 2006 by DR. Darmin Nasution
of the Indonesian government and USAID-Indonesia Mission Director Bill Frej.

STIMRA was created in recognition of the importance of risk management and
insurance, something that has been reinforced by the numerous recent natural and
man-made disasters in Indonesia. It is the first educational institution in Indonesia to
offer a Bachelor's degree and certification progams in insurance and risk management.

Much has been accomplished since STIMRA was inaugurated in 2006. Workshops in “Risk
Management” have been conducted for over 800 attendees from universities, banks, civic
groups and the insurance industry. Certification workshops in "Underwriting" have been
conducted for the first time ever in Indonesia this year. STIMRA was the only Indonesian
body authorized to conduct training at ASEAN's annual Insurance Conference. The World
Bank recently stated that the creation of STIMRA “is a step in the right direction.”

USAID Indonesia Mission Director, Bill Frej served as guest speaker and presented
diplomas to each student. The 32 Indonesians honored in the graduation ceremonies
undertook an intensive 10-month period of evening classes towards their Bachelor's
degree, and completed a rigorous research paper, all while working full-time during
the day for insurance companies in Jakarta. In addition, the 32 have also successfully
completed STIMRA's first-ever "Junior Underwriter" certification program and received
that certificate as well.

In addition to Frej, special guests included: John Pennell and Raya Soendjoto from
USAID; Ruth Hall and Jonathan Alan from the U.S Embassy; Dr. Slamet Seno Aji and
Sidqy L.P. Suyitno from Bappenas; Evelina Fadil Pietruschka, Chairwoman, FAPI;
and Peter Meyer, AIG.