PICIC INSURANCE LIMITED
Apr 04 - 10, 2005
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 EXECUTIVE OFFICER
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 sector.
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 trainee programmer.
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.