PICIC Insurance Limited is a general insurance
company writing all classes of general insurance business. It has been
established with a paid-up capital of Rs200 million making it one of
the highest capitalised companies in the market. It is a wholly-owned
subsidiary of the Pakistan Industrial Credit and Investment
Corporation Limited (PICIC), the largest private sector development
finance institution in the country with an equity base of PKR 3.5
billion and total assets amounting to PKR 27.6 billion as on 31st
March, 2004. PICIC, as a development finance institution, has a
long-term credit rating of AA- and a short-term credit rating of A1+.
Thus, the financial basis of PICIC Insurance is very sound
In addition to being on a sound financial footing,
PICIC Insurance Limited has reinsurance support from the world's
leading reinsurance companies, viz. Swiss Re and Munich Re. This
reinsurance support provides depth to the underwriting capacity of
PICIC Insurance Limited so that it is able to write the larger risks
in the Pakistan market.
The best professionals in the insurance sector have
been recruited by PICIC Insurance Limited. These individuals have been
selected on the basis of their technical knowledge, their integrity
and honesty, and on their credibility within the local and
international business community. Training and development will be a
continuous process at PICIC Insurance Limited in order to ensure that
the customers' needs are thoroughly understood and catered for.
PICIC Insurance Limited is committed to providing
its customers with the highest quality of service. This is what it
believes its customers deserve. In order to make this possible, it has
developed and implemented a state-of-the-art IT system that will
enable it to provide excellent, prompt and error free service, both in
terms of underwriting and delivery of insurance documents and in terms
of claims processing.
AHMED SALAHUDDIN MANAGING DIRECTOR AND CHIEF
Ahmed Salahuddin brings to PICIC Insurance Limited
a wealth of experience in the field of insurance. He has spent the
last ten years working in leadership positions within the insurance
He started his career in 1975 with the Pakistan
National Shipping Corporation and went on to join Gulf East Ship
Management Limited; a Hong Kong-based company, as a Second Officer.
This was followed by a brief stint with Peat Marwick Associates as a
Mr Salahuddin entered the field of insurance in
1988 when he joined Adamjee Insurance Company Limited. Here he worked
initially as a Deputy Manager in the Marine Department looking after
Adamjee's hull portfolio and subsequently, as a Manager, supervising
the Marine Department. From 1993 to end-2000, Mr Salahuddin worked at
Royal Exchange Assurance (GRE) in Pakistan, starting as Underwriting
Manager, then as Assistant Manager for Pakistan and from end-1996 to
end-2000 as General Manager & CEO for Pakistan.
Following the sale of GRE worldwide to AXA and
subsequent to the closure of the Pakistan branch, Mr Salahuddin joined
Habib Insurance Company in January 2001 as Chief Operating Officer.
From 2002 to mid-2004, Mr Salahuddin was the General Manager of the
International General Insurance Company of Pakistan Limited with
overall responsibility of the company.