Rival Bid

Jan.21 (LBO) — Aviva, UK’s largest insurance giant’s serious interest in Eagle Insurance, is said to have triggered Friday’s unsolicited bid by John Keells Holdings and Carsons for a controlling stake in the small insurance firm, market sources said. Jan.21 (LBO) — Aviva, UK’s largest insurance giant’s serious interest in Eagle Insurance, is said to have triggered Friday’s unsolicited bid by John Keells Holdings and Carsons for a controlling stake in the small insurance firm, market sources said. Presently, the world’s sixth largest insurance group based on gross worldwide premiums, Aviva has been in talks with Eagle Insurance’s parent – NDB Bank – for a partnership of sorts for the past few weeks.

Aviva, currently present in Sri Lanka through a back office call centre operation for Norwich Union.

Eagle, is presently 87.27 percent owned by NDB Finance Lanka (Pvt) Ltd, a unit of Capital Development & Investment Company (CDIC).

Since NDB Bank controls CDIC (75.6 percent), the former is Eagle’s ultimate parent with a 66.0 percent stake.

Conglomerates JKH and Carsons have offered to buy a 51.0 percent stake in Eagle Insurance and merge it with Union Assurance Ltd (UAL).

“It (the bid) was unsolicited. We will make a statement onc