NICL Marine XOL Treaties Insurance Coverage 2026-2027

The Pakistan Reinsurance Company Limited (PAKRE) under the Ministry of Commerce, Karachi, Sindh, is procuring NICL Marine XOL Treaties Insurance Coverage for the financial year 2026-27. This procurement involves non-consultancy services specifically for marine cargo and hull risk excess of loss reinsurance covering National Insurance Company Limited (NICL) business. The contract includes four layers of coverage with treaty limits up to PKR 3.75 billion and deductibles starting at PKR 250 million. The scope covers worldwide marine cargo and hull risks excluding certain territories and conflicts, with detailed terms including reinstatement provisions and premium payment warranties. Eligible bidders must be international (re)insurance brokers with an annual premium placement volume of at least USD 500 million and must submit valid professional indemnity policies. Local affiliates must have valid SECP licenses, NTN, and be on the active taxpayers' list of FBR. Bidders must not be blacklisted and should submit a firm quote valid for 60 days with a premium payment warranty of 90 days. The lead reinsurer must have a minimum rating of A by S&P, AM Best, Moody's, or Fitch and hold at least 15% share. The bid must include a signed and stamped compliance matrix and the actual quotation slip/policy wording signed by the leader. The tender submission deadline is Thursday, June 18, 2026, at 11:00 AM via EPADS v2.0, with bid opening at 11:30 AM the same day. Manual submissions are not accepted. The submission address for bid security hard copies is PRC Tower, 32-A, Lalazar Drive, M.T. Khan Road, Karachi. Bidders are advised to register on EPADS v2.0 if not already registered. A practical tip for bidders is to ensure all correspondence includes both the international broker and local affiliate to avoid disqualification. Earnest Money in the form of Pay Order, Bank Guarantee, or Bid Securing Declaration is mandatory. The procurement follows Least Cost Based Selection (LCBS) technique under Public Procurement Rules, 2004. This tender offers a significant opportunity for qualified international brokers to engage with a major government reinsurance entity. Attention to detail in compliance and timely submission is critical for success in this competitive process.