Pioneer Insurance Company Limited

We like to take the privilege to introduce our Company , Pioneer Insurance Company Limited , sponsored & founded in 1996 by a group of entrepreneurs of Bangladesh who had earlier established themselves as leading industrialists and business magnates of the country. Pioneer Insurance Company Limited is a publicly traded company by shares and enlisted with Dhaka Stock Exchange and Chittagong Stock Exchange. The Company is financially sound and has been declaring dividend since inception. The Company has been assigned “AA3” rated General Insurance Company . “AA3” rating stands for high claim paying ability, good protection factors and an exception of variability in risk over time due to economic and/or underwriting conditions

Current Chairman Syed Manzur Elahi , Chairman of Apex Group & former Adviser of the Care Taker Government of People's Republic of Bangladesh, Ex-Chairman Mr.A.K.M. Rahmatullah, Ex-Member of the Parliament & Managing Director of Apex Tannery Ltd., Ex-Chairman Mr.Anis Ud Dowla Chairman, ACI Ltd., Ex-Chairman Mr.Tapan Chowdhury, Managing Director, Square Group & former Adviser of the Care Taker Government of People's Republic of Bangladesh, are the most successful business entrepreneurs of the country.

The company has a good number of dedicated and highly professional employees supported by qualified, experienced & technically sound executives. The Managing Director of the company, Mr.Q.A.F.M. Serajul Islam who is a holder of Diploma in General Insurance from Bangladesh Insurance Academy, has long experience in Insurance and Reinsurance. Prior to his joining the company he was Deputy Managing Director of Pragati Insurance Ltd. and Deputy General Manager of Sadharan Bima Corporation. Deputy Managing Director Mr. Al-Moeiz Laiwala MBA (IBA-DU), Deputy Managing Director Mr.Mizanur Rahman and Executive Director Mr.A.K.M.Jashimuddin Ahmed ABIA have also long experience in Insurance and Reinsurance.

The company has been honored to provide insurance protection for the most reputed business houses of its Sponsor Directors.
± Apex Tannery Group of Industries. ± Advanced Chemical Industries Ltd. ± Abeeco Industries Ltd. ± Bashundhara Group of Industries. ± Square group of Industries. ± Palmal Group of Industries. ± Brustoff Group of Industries. ± Shamsul Alamin Group of Industries. ± Rumki Industries Ltd.

Apart from sponsors, we have been enlisted with all the major Local and Foreign Banks Operating in Bangladesh to Underwrite their clients' Insurance business as under:

FOREIGN

LOCAL
Commercial Bank of Ceylone
All Nationalised Banks, such as
Citibank N.A.
Sonali Bank, Janata Bank, Agrani Bank, Rupali
Hong Kong & Shanghai Banking
Bank, Shilpa Bank, Bangladesh Krishi Bank &
Corporation Ltd.
Bangladesh Shilpa Rin Sangstha.
Standard Chartered Bank

Hanil Bank
Private Banks, such as
Habib Bank Ltd.
South East Bank Ltd.,
ALArafa Islami Bank, Bangladesh Ltd.
Prime Bank Ltd., Uttara Bank Ltd.,
National Bank of Pakistan
Dhaka Bank Ltd., Eastern Bank Ltd.,
State Bank of India
I.F.I.C. Bank Ltd., Islami

Bank Bangladesh Ltd.,

Arab Bangladesh Bank Ltd.,

Al-Arafah Islami Bank Bangladesh Ltd.,

BASIC Bank Ltd.,

Dutch Bangla Bank Ltd.,

Pubali Bank Ltd.

Mutual Trust Bank Ltd.,

Social Investment Bank Ltd.,

One Bank Ltd., Bank Asia Ltd.,

Oriental Bank Ltd.,

Bangladesh Commerce Bank Ltd.,

The City Bank Ltd., National Bank Ltd.
One Bank Ltd.
Our Authorized Capital is Tk.200 Million , out of which Tk.150 Million ( Sponsor- 60 Million & Public 90 Million) is Issued , Subscribed & Paid up Capital. Our company has a total investment of Tk.471.05 million consisting of National Investment Bond , Fixed Deposit with Banks and Shares as shown below :-
Taka in million
1. National Investment Bond 9.00
2. Fixed Deposit with Banks 278.02
3. Shares 179.27
Total 466.29
We are expanding our investment program with great care. Pioneer now hold 13,64,281 ordinary shares of Mutual Trust Bank Ltd of Tk.100 each including the approved bonus share for the year 2008. Accordingly the investment in the MTBL stood at Tk.170.75 million including premium of Tk.10.00 million paid at pre-IPO placement. The shares are currently quoted at about Tk.324 per share showing about 159% capital gains. Pioneer also hold 1 (one) share at Tk.1.00 million of Central Depository Bangladesh Ltd which has been formed under the Central Depository Act,1999. Since inception of our company in 1996, we have progressed tremendously in the field of Insurance business. This is evident from the fact that we have earned for ourselves a premium to the tune of as follows which would give you an idea of the steady progress that has been made by the Company.
Year
Figures in Million (BDT) 1996 23.14
1997 -85.47 ,1998 105.33 ,1999 131.99 ,2000 141.48 ,2001 144.58 ,2002 136.27
2003 147.09 ,2004 178.34 ,2005 245.41 ,2006 301.16 ,2007 385.20 ,2008 665.50

CLAIMS PAYMENT Clients service and prompt settlement of claims are the key to the success and growth of the company. Claims are settled immediately on completion of the required formalities by the insured and the surveyors.
Claim Statement From 2004 to 2008.
Marine Cargo
Square Pharmeceuticals Ltd. 99,63,650 9
Marine Cargo
Shahjalal Newsprint Ltd. 79,70,196
10. Marine Hull Kazi Brothers 71,15,000

RE- INSURANCE ARRANGEMENTS :
For handling insurance of technological and multi-dimensional projects, and for Reinsurance placement in the world market a direct insurer needs support of multinational insurance Brokers. We have good working relation with TYSERS, London , Re-insurance broker of the SBC, the state owned corporation on insurance & re-insurance. Besides , we have good relationship with the following world renowned R/I brokers : -
a) J.B. Bhoda & Co Ltd. Mumbai.
b) M.B Bhoda & Co Ltd., Mumbai
c) AL Wasl , Dubai
d) Heritage, Kolkatta
e) J.B. Bhoda & Co. Ltd., Hongkong.
f) J.B. Bhoda & Co. Ltd., Malaysian.
g) Tysers, London
50% of our Treaty reinsurance is placed with Sadharan Bima Corporation as per Law of Land and balance 50% with GIC of India having ‘A' ( Excellent ) security rating.
We have also direct reinsurance placement with BESTRE, Malaysian & ASIAN RE, Bangkok.
We have now confidence in our technical and financial ability to underwrite big industrial or infrastructure projects.
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