About Us

Mercantile Insurance Co. Ltd

 

Mercantile Insurance Company Ltd. (MICL) is one of the leading General insurance company in the field of general insurance business operating in the private sector in Bangladesh. The Company started its operation in May 05, 1996. The authorized capital of the company is Tk. 100.00 Crore and paid up capital is Tk. 43.10 Crore It is a public limited Company and listed with DSE & CSE on 7th December 2004 and 21st May 2009 respectively. The Company has a network of 15 Branches all over the country covering all important business centers of the country.

Background :

Until 1986 both life and general insurance business were carried out in the country by two state owned Corporations, Jiban Bima Corporation and Sadharan Bima Corporation. The beginning of 1986 witnessed emergence of a few life and general insurance company under Private Sector after passing of Insurance Amendment Act 1983 in 3rd Parliament of the Country. 

Objectives:

Mercantile Insurance Company Ltd. one of the Public Ltd. Company, started operation in the year 1996 under the license of the Controller of Insurance. The Company is authorized to transact all classes of general insurance business. In the meantime  the Company has earned wide reputation in the market for its norms & ethics of insurance, personalized customer services prompt and speedy disposal of claims. Now the name itself carries value to its customers. The company has earned a fame as a symbol of trust and security.

Management:

The Company has a dedicated Management team to run all the affairs of the Company. The members are highly qualified and experienced in the relevant fields of insurance.

Business Operations:

The Company operates its business through a net work of 15 Branches all over the Country. These branches underwrite all classes of business under guidance and supervision of Head Office. The business operation of the branches are monitored and controlled by Head Office Underwriting and Branch Control Department. Specially claims are directly handled by the Claims Department of Head Office. The Company is authorized to transact all classes of Non life insurance business with un-restricted limits having a very wide range of re-insurance coverage. 

Re-Insurance Arrangement:

The Company has Re-Insurance Treaty arrangement with SBC for all classes of business. Re-Insurers provide technical assistance for assuming risks, developing rates and fixing up terms and conditions in case of non-tariff business. The Company is now capable to underwrite any high valued risk with the assistance of our local and overseas Re-Insurers.

Business Diversification:

The Company has also diversified. It has become a member of Chittagong Stock Exchange in the year 2004. The Company has invested a substantial amount of its fund in share market. It has a plan for a both long and short term investment in other sectors of business and industry.

Credit Rating:

The Company has been rated as grade -AA  by the Government approved Credit Rating Agency M/S. Alfa Ltd. based on its premium collection, core services, financial strength and expeditious settlement of claims.

Our Management Team

Mr. Firoz Ahmed
CEO & Managing Director

Mr. Md. Azim Uddin

Deputy Managing Director

Mr. Md. Abdus Salam

Assistant Managing Director & CFO

Mr. Abdur Rahman

Deputy Managing Director
& Company Secretary

Mr. Md. Nazrul Islam

Assistant Managing Director

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