February 22, 2008	Friday	Safar 14, 1429

KARACHI, Feb 21: Pakistan Reinsurance Company Limited has received intimation of acceptance of claims from international re-insurers, Munich Re and Swiss Re, Ayaz Hussain M Gado, General Manager (Re), said on Thursday.

He said 70 per cent of the claims were re-insured with the overseas re-insurers, which could leave Pak Reinsurance with Rs30 million in claims to be paid through its own sources.

The company was in the process of receiving and paying claims from local insurance companies, which cede 35 per cent of their business and additional with mutual understanding on various policies, marine, fire, riot and civil commotion, etc.

Mr Ayaz stated that at the close of last financial year, Pak Reinsurance held Rs281 million in exceptional losses reserve; Rs722 million in retained earnings and Rs 1.277 billion in general reserves, all of which aggregated to Rs 2.280 billion.

“The balance sheet is strong and the claims, even if they rise further, will not cause a dent,” said the company official.

The accounts of the company for the year ended December 31, 2007, are due during the current reporting season.