Pakistan Reinsurance Company Limited Hiring: Executive Director Underwriting

About the Job

Pakistan Reinsurance Company Limited has announced 1 vacancy for the post of Executive Director Underwriting (BPS-20).

Job Details

• Department / Organisation: Pakistan Reinsurance Company Limited
• Post: Executive Director Underwriting
• Grade: BPS-20
• Job type: Contract
• Vacancies: 1
• Qualification: Executive Director (Underwriting) Minimum Qualification and Experience: ACII or FCII, with at least fifteen (15) years of relevant post qualification experience with an insurer/reinsurer, out of which five (05) years must be as a Key Officer of an insurer/reinsurer. OR Master's degree or 16 years of education in Insurance, Risk Management, Finance, or M.Com (Insurance) from an HEC recognized university, with at least twenty (20) years of post qualification experience with an insurer/reinsurer, out of which five (05) years must be as a Key Officer of an insurer/reinsurer. OR Fellow or Associate Member of the Casualty Actuarial Society, the Institute of Actuaries in England, or the Society of Actuaries in the United States of America, with at least fifteen (15) years of relevant post qualification experience, out of which five (05) years must be as a Key Officer of an insurer/reinsurer. Job Type: Performance based contract for a period of three (03) years, with a competitive market based compensation package, to be mutually decided during the interview, commensurate with the candidate's relevant and verifiable experience. Vacancies/Slots: 01 Max. Age Limit Required: Maximum 57 years of age as on the closing date of the advertisement. IMPORTANT NOTES Pakistan Reinsurance Company Limited (PRCL) is an Equal Opportunity Employer. The appointment will be on a performance based contract for a period of three (03) years. The selected candidate will be paid a competitive market based compensation package, to be mutually decided during the interview, commensurate with the candidate's relevant and verifiable experience. Interested applicants may apply online at https://www.njp.gov.pk within fifteen (15) days of the publication of this advertisement by uploading their updated CV/resume along with a copy of CNIC, academic/professional degrees and transcripts, and experience certificates. In case of any difficulty encountered in online application, please contact the HR Department at the phone number or email address stated below. Original documents along with HEC verified testimonials will be required at the time of the interview. The candidate shall not be entitled to any TA/DA while appearing for the interview. PRCL reserves the right to stop the hiring process at any stage without assigning any reason. Only shortlisted applicants will be invited for an interview, and selection will be finalized as per the approved policy of PRCL. Any efforts made to influence the recruitment and selection process will lead to the disqualification of the potential candidate, who may otherwise be qualified. Applications not submitted as per the above instructions shall not be considered. Job Description Job Summary: The Executive Director (Underwriting) leads PRCL's reinsurance and Retakaful underwriting. The role is accountable to the Chief Executive Officer for profitable, prudently priced inward treaty and facultative business, and for a secure, cost-effective retrocession program within the risk appetite approved by the Board. The post holder implements the underwriting and reinsurance policies set by the Board and its management committees. This is done in compliance with the Insurance Ordinance, 2000 and rules made under it, the State-Owned Enterprises (Governance and Operations) Act, 2023, the Code of Corporate Governance for Insurers, 2016, the Takaful Rules, 2012 and PRCL's Board-approved policies. Claims settlement and recoveries are outside this role. Key Responsibilities: The key responsibilities of the Executive Director (Underwriting) of Pakistan Reinsurance Company Limited (PRCL) shall include, but not be limited to: Underwriting strategy and portfolio performance Propose the annual underwriting plan, class-wise appetite and capacity for consideration by the CEO, the Underwriting Committee and the Board, in line with the approved business plan. Maintain pricing discipline: technical rating standards, documented pricing rationale and referral of risks outside guidelines. Monitor portfolio profitability by class, cedant and broker, and recommend corrective action on loss-making segments. Priorities underwriting result over premium volume; report growth only alongside profitability and solvency impact. Inward treaty underwriting Lead annual treaty renewals, including business ceded to PRCL under applicable insurance law, the treaty terms, line sizes and commission structures. Ensure treaty wordings, slips and endorsements are complete, approved and recorded before inception or within agreed timelines. Assess cedants' underwriting quality, retention and claims experience before acceptance. Facultative underwriting Accept, decline or refer facultative risks within delegated authority, with documented risk assessment and survey requirements. Apply acceptance limits and the requirements of the Insurance Rules, 2017 on facultative business. Retrocession design and placement Design the retrocession and protection program (proportional, excess of loss and catastrophe covers) to keep net retentions within Board-approved limits. Place retrocession with counterparties meeting SECP rating requirements and PRCL's security policy; present proposed arrangements to the Reinsurance & Co-insurance Committee before execution. Ensure timely filing of reinsurance arrangements with SECP as required by law. Window Retakaful operations Underwrite Retakaful business in accordance with the Takaful Rules, 2012, the approved Window Retakaful policies of PRCL and the rulings of the Shariah Advisor. Maintain segregation of Retakaful underwriting documentation and retro Takaful arrangements from conventional business. Catastrophe exposure and risk appetite Maintain accumulation control by peril, zone and class; ensure exposure data is complete for modelling. Report probable maximum loss and appetite utilization to the Risk Management & Compliance Committee and escalate breaches immediately. Counterparty quality and concentration Monitor credit quality and concentration of cedants, brokers and retrocessionaires; recommend limits for Board-level approval. Apply KYC and sanctions screening to counterparties in line with the AML/CFT program owned by the Compliance Officer. Reserving, capital and financial reporting inputs Provide timely, accurate underwriting data, estimates and contract information to Finance and the Appointed Actuary for reserving, solvency, IFRS 17 and business-plan purposes. Coordinate with the CFO on the capital, solvency, liquidity and investment implications of underwriting and retrocession decisions. International business and foreign exchange Where applicable, conduct inward foreign business and retrocession in compliance with foreign exchange regulations, providing Finance with the documents needed for settlements. Governance, compliance and controls Serve on, or attend, the Underwriting and Reinsurance as constituted by the Board; not to serve on the Claim Settlement Committee while those committees remain separate. Own first-line controls in the underwriting function; implement internal audit and regulatory findings within agreed deadlines. Ensure the integrity of underwriting systems, data quality, access controls and the business continuity plan for the function. Escalate price-sensitive information promptly to the CEO and Company Secretary and observe closed-period requirements. People and conduct Lead, develop and evaluate the underwriting team; maintain succession plans for key underwriting roles. Uphold PRCL's code of conduct and conflict-of-interest policy, and model ethical underwriting practice. Other Any other task assigned by the CEO. Decision-making Authority and Escalation ● Delegated authority: Acceptance, line-size and retrocession placement limits as set in the Board-approved Delegation of Powers policies of the Company. ● Reserved to the Board or its committees: Underwriting policy, reinsurance policy, risk appetite and the annual retrocession program; counterparty limits beyond delegation, significant policies and the business plan. ● Reserved to the CEO: Approvals above the post holder's limits, deviations from underwriting guidelines, and regulatory correspondence on behalf of the Company. ● Mandatory escalation: Breaches of limits or appetite; reinsurer downgrades below required security; large or catastrophe events; suspected fraud or sanctions matches; and regulatory non-compliance. ● Independence safeguards: The post holder does not direct internal audit, compliance or actuarial judgements. Claims decisions are also outside this role. Working Relationships ● Internal: CEO; CFO; CHRO, Head of Internal Audit, Appointed Actuary, Head of Claims and Recoveries, Risk Management, Compliance Officer, Company Secretary, Shariah Advisor; IT. ● External: Cedant insurers and window takaful operators; reinsurance brokers; retrocessionaires; SECP; external auditors and the Auditor-General's office auditors; rating agencies; regional pools and industry bodies. Job Specification Age: Maximum 57 years as of the closing date of the advertisement. Qualifications & Experience: As per advertisement. Core Competencies ● Technical reinsurance underwriting and pricing across property, engineering, marine, aviation and accident classes ● Retrocession structuring and placement ● Catastrophe exposure and accumulation management ● Risk, regulatory and governance acumen in a listed state-owned insurer ● Commercial judgement and negotiation with cedants, brokers and retrocessionaires ● Integrity, ethics and accountability ● Data-driven decision-making and systems orientation ● Leadership, team development and Board/committee communication Fit and Proper Requirements The post holder must satisfy, at appointment and throughout tenure: ● the fit and proper criteria under section 16 and Schedule-IV of the SOE Act, 2023, which apply to "all other senior management officers"; ● the criteria for sound and prudent management in section 12 of the Insurance Ordinance, 2000; and ● the fit and proper criteria for key officers under the Insurance Companies (Sound and Prudent Management) Regulations, 2012, as amended. The post holder must also submit the annual declaration of assets and investments required of senior management officers by section 30 of the SOE Act, 2023. Salary Package Negotiable and competitive market-based compensation package commensurate with the verifiable experience and qualifications of the candidate, under a performance-based contract.
• Age limit: Up to 57 years
• Location: Pakistan
• Last date to apply: 22 Nov 2026

How to Apply

• Apply online at https://njp.gov.pk/jobs/10580
• Submit your application before 22 Nov 2026

Apply: https://njp.gov.pk/jobs/10580