Karachi: PICIC Insurance Limited has announced its decision to halt underwriting as it awaits the completion of a merger with Crescent Star Foods (Private) Limited, a process currently pending approval from the High Court of Sindh. The announcement, made in the Directors' Report for the three-month period ending March 31, 2025, outlines the strategic shift the company is undertaking.

The company's board has assessed its performance and effectiveness as satisfactory, with evaluations focusing on essential components such as vision, mission, strategic planning, and financial resource management. The report emphasizes that the company is actively working on improvement plans.

PICIC Insurance Limited is in the process of merging with Crescent Star Foods, pending approval by the Sindh High Court. The insurance company has also applied to surrender its insurance license, marking a departure from the insurance sector. This strategic shift means that regulatory requirements under the Insurance Ordinance, including solvency maintenance, will no longer apply to the company.

According to information available from the Pakistan Stock Exchange (PSX), the transition is expected to provide PICIC Insurance Limited with the necessary resources to embark on a new phase of business with diversified interests. The management is confident that post-merger, the company will unveil a comprehensive business plan and strategy to ensure it remains a going concern.

The Board of Directors has conveyed its appreciation to clients, reinsurers, brokers, business partners, and stakeholders for their continuous support. The company has also acknowledged the guidance of the Securities and Exchange Commission of Pakistan, stock exchanges, and the Central Depository Company. Recognition was given to the company's employees for their dedication and commitment, which have been pivotal to the company's achievements.