Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Fairfax Asia buys 78% stake in Sri Lanka insurer
Fri, Aug 1, 2014, 12:15 am SL Time, ColomboPage News Desk, Sri Lanka.

July 31, Colombo: Fairfax Asia Ltd, a wholly owned subsidiary of Canada-based insurance holding company Fairfax Financial Holdings Ltd, has agreed to buy a 78% holding in the Union Assurance PLC, a subsidiary of John Keells Holdings (JKH), a stock market disclosure said today.

Union Assurance announced that it has entered into an agreement to divest 78% stake in its General Insurance Business to Fairfax Asia upon completion of the segregation of the General and Life Insurance businesses of the company under a scheme of arrangement.

Based on the projected financial statements of the company as at 31st December 2014 and for purposes of the transaction, the overall value of the General Insurance Business is estimated at approximately Rs. 4.5 billion.

The transaction is subject to customary closing conditions, including the successful completion of due diligence along with regulatory and court approvals, the JKH said.

The deal is expected to be closed by the first quarter of 2015.

Fairfax Asia is a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a Canadian financial services holding company, which, through its subsidiaries, is engaged in property and casualty insurance and invest management.

ColomboPage - Recent 10 Stories
Sri Lankan government will assist the parties to defend the LTTE ban
-- [1 hour and 31 minutes ago]
Sri Lankan President hopes the Deepawali festivities will add to the spirit of reconciliation
-- [2 hours ago]
Sri Lanka business chamber to hold post budget seminar
-- [2 hours ago]
Human-elephant conflict in Sri Lanka claims lives of over 60 people and 250 elephants annually
-- [2 hours ago]
Sri Lanka monk party leaders discuss reform proposals with the President
-- [3 hours ago]
Defense Ministry to conduct survey on lost properties of Sri Lankans in the North
-- [3 hours ago]
Doubts raised on Pope's visit to Sri Lanka amid snap presidential polls
Opposition MPs say election materials are being prepared in Sri Lanka Port Authority Defense Training School
Sri Lanka to appeal to Europe Court of Justice on lower court ruling to lift sanctions on LTTE
Browns Hotels and Resorts of Sri Lanka to develop four-star hotel in Maldives

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.