February 28 (LBO) – Ceylinco Insurance Company is investing in a regional re-insurance firm by participating in a capital raising exercise the company told the Colombo Stock Exchange Wednesday. Asian Reinsurance Corporation (Asian Re) has invited Ceylinco Insurance to invest in a forthcoming effort by the re-insurer to raise 100 million dollars.
Ceylinco Insurance Director Jagath Alwis told LBO the amount Ceylinco will subscribe would be decided after gaining the approvals of the Insurance Board of Sri Lanka and the Central Bank.
Asian was started in 1979 under a United Nations initiative and is headquartered in Thailand.
Ten Asian governments, Sri Lanka, China, India, Thailand, Iran, Bangladesh, Bhutan, Republic of Korea, Philippines and Afghanistan have invested in Asian Re.
Several asian insurance firms have already been invited to invest and become associate members.
Ceylinco says General Insurance Corporation of India, Mituis Sumitomo Insurance Company of Japan, Bimeh Markazi of Iran, Virihayah Insurance Company of Thailand, The Oriental Insurance Company and United Indian Insurance company of India have already invested.
Ceylinco said earlier this month, it