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Alpha Insurance Company Limited -
Profile |
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Alpha Insurance Company Ltd., is a subsidiary of State Life Insurance
Corporation of Pakistan which owns over 92% of its Share holdings.
Chairman State Life is also the Chairman of Alpha, its Managing
Director/Chief Executive Officer (CEO) and members of the Board of Directors are nominees of State Life. The Company
underwrites all classes of general insurance business and is a member
of Insurance Association of Pakistan. |
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| The Company was incorporated
in 1951 and is one of the oldest and sound insurance companies
operating in Pakistan. It has a rich heritage with famous names like
Mr. Yousuf A. Haroon ex-Governor West Pakistan, Mr. (Justice) H.B.
Tayabji and Mr. Y.N. Chinoy leading the Company as Chairman in the
past. The late Mr. Sheikh Mujeeb-ur-Rehman also remained associated
with the Company before separation of East Pakistan. After
nationalization of life insurance business in 1972, the Company became
a subsidiary of State Life, and was headed by the late Mr. H.U. Baig
as Chairman. The Company enjoys good reputation for providing
excellent service to its clients with prompt settlement of claims.
JCR-VIS, Credit Rating Company Limited has graded the Insurance
Financial Strength (IFC) rating of the Company as “A” and the paid up
capital of the Company is Rs.303.6 million. Alpha has excellent
Re-insurance Treaty arrangements with reputed world class Re-insurers
M/s Mitsui Sumitomo, M/s Mapfre Re and M/s Pakistan Reinsurance
Company Ltd., carrying “AA” rating. Alpha is also ISO-9001 Certified. |
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| The present Board of Directors
of "Alpha" is as under: |
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| Mr. Shahid Aziz Siddiqui |
Chairman (Chairman State Life) |
| Syed Yawar Ali |
Director |
| Mr. Mahmood Hashmi |
Director |
| Mr. Rasheed Y. Chinoy |
Director |
| Syed Arshad Ali |
Director |
| Mr. Ansar Hussain |
Director |
| Mr. Nasir Javed Khan |
Managing Director and CEO |
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| Some of the salient features
of "Alpha" are as follows: |
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| Paid up Capital |
Rs. 303.6 million |
| Authorized Capital |
Rs. 500 million |
| General Investment & Bank Balance |
Over Rs. 330 million |
| Reserves |
Over 22 million |
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| "Alpha" has an excellent Treaty
for Fire, Marine, Miscellaneous, Bonds and Engineering Risks with the
following reputed world class Reinsures. The Treaty is apportioned as
under: |
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| M/s Mitsui Sumitomo |
40% |
| M/s Mapfre Re |
20% |
| M/s Pakistan Reinsurance Co. Ltd |
20% |
| Alpha’s Net Retention |
20% |
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| Both Mitsui Sumitomo and Mapfre Re are rated AA. |
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| In accordance with Alpha’s
Treaty arrangements, "Alpha" can underwrite Fire, Property and Marine
Cargo risks upto two hundred million rupees. Engineering up to one
hundred million rupees and Marine Hull upto fifty million rupees.
Any surplus after these limits can be faculatively ceded locally or
abroad. |
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| M/s JCR-VIS Credit Rating
Company has rated Alpha as “A” category company. |
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