20 March 2017 01:18 pm Views - 1071
Fairfax Financial Holdings Limited (Fairfax) announced that it has successfully completed the amalgamation of Fairfirst Insurance Limited (Fairfirst) and Union Assurance General Limited (UAG).
The amalgamated entity operates as Fairfirst Insurance Limited with effect from February 28, 2017.
The rights and obligations arising from all insurance policies issued by Union Assurance General Limited will continue to be honoured by Fairfirst Insurance Limited.
UAG, a company in which Fairfax has held a majority stake since January 2015, acquired 100 percent shares of Asian Alliance General Insurance Limited (AAGI) in October 2016 and subsequently rebranded it as Fairfirst Insurance Limited.
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 centres, this consolidation strengthens the Fairfax group’s position in the Sri Lankan insurance sector.
With this coming together of UAG and the former AAGI, Fairfirst today has award-winning capabilities in delivering insurance solutions in motor and health and it maintains leadership position in most business insurances like marine, fleets, property, liability, construction, engineering, etc.
“We see great potential in the Sri Lankan insurance market,” said Fairfirst Insurance Limited Managing Director and Chief Executive Officer Dr. Sanjeev Jha.
“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.”
Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and
investment management.
As at December 2016, this Toronto-headquartered group had assets amounting to approximately US $ 43 billion and revenue of approximately US $ 9.5 billion.