Company Profile

Paramount Insurance is one of the leading third generation Non-Life Insurance Company of the country. Since it’s establishment in November, 1999, the company has successfully been in operation with paid up capital of Taka 33.22 crore and authorized capital of Taka 60.00 crore. Although relatively a new entrant in Insurance business the success of the company lies with the expertise knowledge and experience of the associates and personalities. Over the few years of operation this company has succeeded in building confidence in clientele groups. It has extended its network in different places of the country by establishing 12 branches. The company always receives guidance and advice from its Chairman, Mr. Nawaz Ahmad, who is one of the prominent entrepreneurs and a dynamic insurance personality of the country. Mr. Ahmad is held in high esteem in the industrial and business sectors.

Sponsor-Directors:

Paramount Insurance Company has ten sponsor/ sponsor Directors, who are influential personalities of industrial establishments and business houses of the country. Their total asset is more than Taka 1,000 crore. They belong to the following sister companies.

1. Paramount Textile Ltd.
2. Paramount Spinning Ltd.
3. Paramount Holdings Ltd.
4. Paramount Agro
5. Sunrise Chemical Industries Ltd.
6. Foodex International Limited
7. Paramount Green Garments Ltd.
8. Paramount Btrac Energy Limited

 

As can be seen from the sister companies listed above, Paramount Insurance has emerged as one of the top Insurance Companies of the country.

Re-insurance Treaty:

We have Re-insurance Treaty Agreement with Sadharan Bima Corporation with excellent terms and conditions and as such, we are capable enough to accept risks of any magnitude and underwrite general insurance business for any amount which is either protected automatically by the Reinsurance Treaty arrangements or will be protected through Facultative cover with Sadharan Bima Corporation. Under the existing system, retention capacity of each insurance company is fixed at an annual meeting held at Sadharan Bima Corporation in December every year on the basis of law of probability. The risk is shared by Sadharan Bima, which also cedes to internationally sound Re-Insurance re-insurers Tyser and Company, London (Lloyds Broker), Munich Re and Swiss Re. Therefore, any amount of insurance is fully ensured and protected based on the treaty of Re-Insurance.

Settlement of Claims:

Settlement of claims is the sine qua non for an insurance company. Prompt settlement of claims is our avowed motto which we deem to be the prime service rendered to the insured. We normally settle claims within shortest possible time subject to receipt of the required documents and assessment from the surveyors.

Credit Rating:

Due to our excellent customer service, fast payment of insurance claim providing proper insurance coverage with accurate risk assessment, we have been embraced with the credit rating “AA” which indicates our tremendous development in insurance business.