On November 22, 2016 consequent to regulatory approval, Asian Alliance General Insurance (AAGI) announced that it has changed the company name to Fairfirst Insurance Limited.This name change follows the recent 100% share acquisition of Asian Alliance General by Union Assurance General (UAG), which is a part of the Fairfax Group in Sri Lanka.
Asian Alliance General Insurance has been rapidly growing over the last few years and comes geared with a strong retail product line, a distribution network of 40 branches and an experienced workforce of 527.
Formerly, a part of the Softlogic Group, some of their strong suits include efficiency in claim servicing, through the innovative Click2Claim, and a growing motor insurance business, both of which were recognized at the inaugural IASL – Fintelekt Insurance Industry Awards 2016.
Speaking on the re-branding Ramal Jasinghe CEO of Fairfirst Insurance (formerly known as Asian Alliance General Insurance) said, “We are very keen to build a strong brand identity that stands out and accurately represents the fresh vision of the organization.”
The Fairfax Group is one of the largest general insurance groups in the world.
A diversified, financial services company headquartered in Toronto.
Most recently, Fairfax acquired American International Group (AIG) businesses in Latin America and Central & Eastern Europe, further strengthening their global footprint.
“The Fairfax Group views the Sri Lankan insurance market with optimism,” said Dr. Sanjeev Jha, CEO of Union Assurance General.
“As the holding company of Fairfirst Insurance we are excited to be part of this dynamic journey.”
Fairfirst Insurance will continue its operations as a fully owned subsidiary of UAG until the compete amalgamation of the two companies, which is expected to be concluded by Q1 2017.
www.dailynews.lk
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