SAUDI PAK INSURANCE COMPANY LIMITED BRIEF COMPANY PROFILE
From Shamim Ahmed Rizvi, Islamabad
May 15 - May 21, 2006
Saudi Pak Insurance Company was launched at a time when the local insurance industry had started reshaping itself. 2004 was the year of change. Some prominent events took place in that year were the emergence of PICIC Insurance, the change of management at Adamjee insurance, closure of Royal & Sun Alliance and the decision of some of the conservative companies to gear up for expansion. These important events have opened the venues for companies and individual professional to match up and reap benefit from the growing economy. The increase in paid up capital requirement from Rs.2.5 million to Rs.80 million has forced many dormant players to either run for mergers or close the offices. These events have provided the opportunity for new and sound players to enter the market.
Following are the salient features of our company:
OWNERSHIP & PAID UP CAPITAL
The company is owned by a well known Saudi Pak Group and has come up with a paid up capital of Rs. 200 million which is Rs.120 million in excess of the minimum paid up capital requirement of Rs. 80 million as set out by the Insurance Ordinance 2000.
Its share holdings are as follows:
Saudi Pak Industrial and Agriculture Investment Company (Private) Limited
Saudi Pak Commercial Bank Limited
Saudi Pak Leasing Limited
The company is manned by duly qualified and experienced professionals of all discipline of insurance having substantial knowledge of underwriting various products and claims management.
The company's reinsurance treaties are led by the world's renowned reinsurance providers.
Based on the sound and top rated reinsurance backing together with the technical expertise, the company is capable of underwriting risks of large magnitude. Within a short span of time from our commencement we have underwritten different risks having worth, close to a billion rupee figure each. Moreover, we can even accommodate risks in excess of rupee one billion.
RANGE OF PRODUCTS
With the above credentials the company is in the position to issue policies of all kinds pertaining to property, liability, motor, marine, money matters and various other specialized kinds of products.
The company has its Head Office in Karachi with a network of branches at Lahore, Islamabad, Rawalpindi, Multan, Peshawar, Faisalabad, Sialkot, Hyderabad and Karachi.