Five Runners

Those selected are believed to be Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance and CT Smith Stockbrokers representing a consortium, sources close to the deal said Wednesday.rn

rnThose selected will have to carry out an extensive due diligence exercise before they submit financial bids.rn

rnEarlier 18 parties had expressed interest at the second stage of the transaction.rn

rnThose who dropped out of the deal include, Union Assurance Ltd, Ceylinco Insurance, National Insurance Corp. (now fully owned by Janashakthi Insurance), National Development Bank, Hayleys with AIG Insurance, Australian based AMP Financial Services and London based investment bank Santosh Kurup Associates.rn