Hurt retired

Hayleys AIG insurance says an expression by Ceylinco Insurance to acquire its life business has been passed down to its shareholders; the AIG group and local conglomerate Hayleys. Hayleys AIG insurance says an expression by Ceylinco Insurance to acquire its life business has been passed down to its shareholders; the AIG group and local conglomerate Hayleys. The company while expressing disappointment over the way the offer was made said it is now up to shareholders to decide.

Hayleys AIG CEO Mike Blakeway told LBR that they have no intention of closing down the life insurance business despite a decision to only concentrate on general insurance.

Hayleys AIG was reacting to a hostile expression of interest from Ceylinco Life Insurance.

“We wrote to the IBSL saying that we are ready to take over (HIAG/life) subject to due diligence, IBSL has replied saying that “a keen interest is shown to meet with you to discuss.” They are interested in our offer,” Lalith Kotelawala, Chairman, Ceylinco Life said a press briefing last Monday.

Hayleys AIG is 80 percent owned by international insurance giant AIG.

Mr Blakeway added the company was committed to growing its local business