The First Meeting of the ECO Reinsurance Company (ERC) was held in on 26th February 2018 in Karachi. The meeting to determine the modalities for the operationalization of the Company was attended by the Board of Directors (BoD) and officials from the Consulate Generals of Islamic Republic of Iran, the Islamic Republic of Pakistan and the Republic of Turkey in Karachi.
The meeting was chaired by the Chief Executive Officer of Pakistan Reinsurance Company Limited, Shakeel Ahmed Mangnejo, who underscored the importance of reinsurance in the region and called upon Member States to strengthen their efforts for close collaboration in implementation of joint projects and initiatives.
The delegates decided that the Meetings of the General Assembly and the Board of Directors of the ECO Reinsurance Company will take place on 2nd May, 2018 in Karachi, the Islamic Republic of Pakistan. Also Islamic Republic of Iran and the Republic of Turkey nominated officials from their Consulates General in Karachi, while the Islamic Republic of Pakistan nominated official from the Pakistan Reinsurance Company Limited as their respected focal points.
The ERC, which entered into force on December 3, 2017, seeks to supplement the existing reinsurance services in the ECO region, promote growth of the retention capacities, reduce the outflow of foreign exchange and support economic development in the region. Based in Karachi, the company will also provide the region with additional resources for reinsurance services according to international standards.