Formerly called the Pakistan Insurance Corporation, Pakistan Reinsurance Company Limited, PRCL was established in 1952 as Pakistan Insurance Corporation under PlC Act 1952 in order to support local insurance industry. It is the sole reinsurance organization operating in Pakistan. PRCL is a public sector company under the administrative control of the Ministry of Commerce. The Company headed by the Chief Executive Officer, supported by a strong team of professionals who manage the business affairs of the Company effectively. The Company is supervised by the Board of Directors. Amongst which seven are nominated by the Federal Government, where as, the other directors are elected by the shareholders who enjoy excellent repute within the business community. PRCL’s prime objective is the development of insurance and reinsurance business in Pakistan. The company provides insurance solutions to departments including Aviation, Marine Cargo, Marine Hull, Engineering, Fire and Accident. The company is a national reinsurer playing its role in the economic development of Pakistan. It provides reinsurance protection to the local insurance industry in view of treaty and facultative business as well as managing insurance schemes assigned by the Federal Government of Pakistan. The company head office is at Karachi, Pakistan and its zonal office is at Lahore. Its insurance market holds 18% of the share whereas 45% of the share is covered by the reinsurance protection in Pakistan.