Prequalification of Insurance/Reinsurance Brokers for Pakistan Reinsurance Company Limited

Pakistan Reinsurance Company Limited (PRCL), a state-owned entity under the Ministry of Commerce based in Karachi, Sindh, is inviting applications for the prequalification of Insurance/Reinsurance Brokers. This procurement is aimed at selecting competent and experienced international brokers to provide facultative and treaty reinsurance placements for PRCL and NICL in international markets. The prequalified brokers will be eligible to participate in future tenders and contracts for reinsurance broking, advisory, placement, and claims support services. Items being procured: - Prequalification of Insurance/Reinsurance Brokers The scope includes arranging and obtaining competitive quotations and terms from international reinsurance markets, placement of facultative and treaty programs, advising on placement strategy and risk structuring, coordination with reinsurers and loss adjusters, and claims handling and advocacy. Brokers must comply with all applicable laws, AML/CFT requirements, sanctions regimes, licensing obligations, and maintain transparency. Eligibility criteria require brokers to have a certificate of incorporation, valid license, professional indemnity insurance, audited financial statements for the last three years, disclosure of conflicts of interest, confidentiality undertakings, and no blacklisting or debarment. Local network partners in Pakistan must have valid SECP licenses, NTN and sales tax registration, FBR registration with active taxpayer status, and professional indemnity insurance. Brokers must demonstrate a minimum annual premium placement of USD 500 million. The evaluation will be quality-based with a minimum passing score of 65 out of 100 marks, assessing global experience, placement of risks, claims handling, international branch network, staff capabilities, and local network partnerships. Applications must be submitted electronically through EPADS v2.0 by Tuesday, August 11, 2026, at 11:00 AM. Late or manual submissions will not be accepted. Interested bidders should ensure compliance with all documentation requirements including KYC and UBO information within one month of prequalification. A practical tip for bidders: Carefully prepare your application with all documentary evidence aligned to the evaluation criteria and ensure timely submission through EPADS to avoid disqualification. Early registration on EPADS v2.0 is recommended to avoid last-minute technical issues.