Reinsurance Coverage for Marine Hull and Cargo 2026-27

This tender invites bids for Reinsurance Coverage for Marine Hull and Cargo for the period 2026-27 in Karachi under the Pakistan Reinsurance Company Limited (PAKRE), Ministry of Commerce. The coverage includes multiple layers of excess of loss treaty with a total limit of PKR 1.925 billion and a minimum deposit premium of 85%. The scope covers marine cargo and hull business ceded by all companies operating in Pakistan, including facultative business treated as treaty. The reinsurance structure involves six layers with specified limits and reinstatement provisions. Bidders must be international (re)insurance brokers with an annual premium placement volume of at least USD 500 million and comply with regulatory requirements including valid professional indemnity policies. The lead reinsurer must have a minimum A rating and hold at least 15% share. The tender follows a single stage two envelope procedure with bids submitted online via EPADS v2.0 by 11:00 AM on April 10, 2026, with bid opening at 11:30 AM the same day. Manual bids are not accepted. The contract will be awarded on least cost based selection. Bidders must submit firm quotes without conditions or subjectivities and provide detailed layer-wise premium breakdowns. Compliance with PEC, FBR/ATL, and 2025-26 fiscal requirements is essential. Submission must include bid security in prescribed forms and adhere to all terms and conditions stated. The physical address for bid security submission is PRC Tower, 32-A, Lalazar Drive, M.T. Khan Road, Karachi. Pro-Tip: Ensure your bid includes the lead reinsurer's written confirmation and that all discounts are clearly itemized to avoid disqualification. Also, keep international and local brokers in loop for all communications to maintain eligibility.