Karachi, Pakistan Reinsurance Company Limited informed Pakistan Stock Exchange that Mr. Mushtaq Ahmed Mahar has been appointed as Director with effect from February 27, 2019 in place of Mr. Shoaib Mir.
Pakistan Reinsurance Company Limited was formerly referred to as
Pakistan Insurance Corporation established in 1952 under PIC Act, 1952 for
supporting the local insurance company. On March 30, 2000 the company was
incorporated as a public limited company under the Companies Ordinance, 1984.
The company ensures the development of insurance and reinsurance business in
Pakistan. The registered office of the company is located in Karachi. The
shares of the company are quoted on the Karachi and Lahore Stock Exchanges of
The company operates in the public sector under the administrative control of the Ministry of Commerce. The functions of the company include providing insurance solutions to departments including aviation, marine cargo, marine hull, engineering, fire and accident. The company also provides reinsurance protection to the local insurance industry in view of treaty and facultative business as well as managing insurance schemes assigned by the Federal Government of Pakistan. The insurance market holds 18% of the share whereas 45% of the share is covered by the reinsurance protection in Pakistan.
The symbol “PAKRI” is being used by the stock exchange for the shares of Pakistan Reinsurance Company Limited.