Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, said it plans to change its name to Aviva NDB Insurance to better face anticipated competition from rival global brands in future. The company said in a stock exchange filing its board has sought shareholder approval for the name change to reflect the parent firm’s identity as it has done elsewhere.
Over the past 10 years the company has brought together 50 different brands around the world under the Aviva name, the statement said.
It is likely that there will be many global insurance brands competing in the local market in the foreseeable future. In such a scenario, the benefits of a global brand will be very significant.
The company said it will include the name NDB in the brand to reflect the presence of its second largest shareholder, the NDB banking group.
This transformation will be followed by novel product and service offerings.
Eagle Insurance said last month that its managing director Deepal Sooriyaarachchi intends to quit in June this year and will be replaced by a nominee from the Aviva Group.