Fairfax consolidates Sri Lanka operations under Fairfirst Insurance Ltd
View(s):Fairfax Financial Holdings Ltd (Fairfax) announced that it has successfully completed the amalgamation of Fairfirst Insurance Ltd (Fairfirst) and Union Assurance General Ltd (UAG).
The amalgamated entity will operate as Fairfirst Insurance Ltd with effect from February 28, 2017, the company said in a recent media release.
The rights and obligations arising from all insurance policies issued by Union Assurance General Ltd will continue to be honored by Fairfirst Insurance Ltd. UAG, a company in which Fairfax holds a majority stake since January 2015, had acquired 100 per cent shares of Asian Alliance General Insurance Limited (AAGI) in October 2016 and subsequently rebranded it as Fairfirst Insurance Ltd. Fairfirst has since been operating as a fully owned subsidiary of UAG.
With one of the best multi-distribution capabilities in the industry, an experienced workforce of over 1400 spread across its 57 comprehensive service centers, this consolidation strengthens the Fairfax Group’s position in the Sri Lankan insurance sector.
“We see great potential in the Sri Lankan insurance market” said Dr. Sanjeev Jha, Managing Director and Chief Executive Officer, Fairfirst Insurance Ltd. “The amalgamated entity Fairfirst Insurance, allows us to leverage on the combined strengths of the former Union Assurance General and Asian Alliance General. We have a fantastic team that continues to invest in improving capabilities towards delivering more award winning insurance solutions via efficient and relevant delivery.”