Karachi: The Ministry of Commerce, Government of Pakistan, has announced a significant change in the board of directors for Pakistan Reinsurance Company Limited, as communicated in a notification dated June 28, 2026. Mr. Shafiq Ahmed Shahzad, Director General (BS-20/CTG) at the Ministry of Commerce, has been nominated as an Ex-Officio Director, replacing Mr. Salman Mufti. This change was received by the company on June 29, 2026.

The nomination of Mr. Shahzad is pending approval from the Securities and Exchange Commission of Pakistan (SECP). This approval is required under Rule 2(2) of the Insurance Companies (Sound and Prudent Management) Regulations, 2012. The process ensures that governance changes align with the regulatory framework governing insurance companies.

According to information available from the Pakistan Stock Exchange (PSX), stakeholders and TRE Certificate Holders have been duly informed of this development. The nomination signals a potential strategic shift in the company's governance structure, pending regulatory endorsement.

The Pakistan Reinsurance Company Limited, a key player in the insurance sector, is awaiting the SECP’s decision, which will confirm the board's composition and potentially influence its future direction.