PRCL Non-Marine CAT XOL Treaty (Top Layer) Insurance Coverage

The Pakistan Reinsurance Company Limited (PAKRE) under the Ministry of Commerce is procuring Non-Consultancy Services for the PRCL Non-Marine CAT XOL Treaty (Top Layer) Insurance Coverage for the financial year 2026-27. This procurement is specifically for Karachi, Sindh, and involves the provision of insurance coverage services related to catastrophe excess of loss treaty for the top layer. The technical scope requires an international (re)insurance broker with an annual premium placement volume of at least USD 500 million. The broker must submit a firm quote with no subjectivities or conditions, and must provide valid professional indemnity policies for both foreign brokers and local affiliates. The lead reinsurer must have a minimum rating of A by S&P, AM Best, Moody's, or Fitch, with a minimum 15% share. The premium payment warranty is 90 days from policy inception, and the minimum deposit premium is 85% of the gross premium. The contract includes detailed terms on placement, premium calculations, and compliance with regulatory requirements. Eligibility requires bidders to be registered on EPADS v2.0, not blacklisted by any government or semi-government body in Pakistan, and to comply with all tax and legal obligations. The bid submission deadline is Wednesday, July 29, 2026, at 02:00 PM, with bids to be submitted electronically via EPADS v2.0 only. Manual submissions are not accepted. The technical and financial bids will be evaluated using Least Cost Based Selection (LCBS) with a 60-day bid validity period. A practical tip for bidders is to ensure timely registration and submission on EPADS v2.0, as late or manual submissions will be disqualified. Also, maintain clear communication between the international broker and local affiliate to avoid disqualification. The bid security must be submitted in the prescribed form and original hard copy delivered before the deadline to the specified Karachi address. Bidders should carefully review the detailed terms and conditions to avoid non-compliance and possible disqualification.