Sri Lanka’s Union Assurance to sell general insurance to Canada firm

Ishara S. Kodikara | AFP | Getty Images Sri Lanka Prime Minister Ranil Wickremesinghe, center, speaks to supporters at the prime minister's official residence in Colombo on December 16, 2018, after he was reappointed as prime minister by Sri Lanka's president, the same man who fired him from the job nearly two months ago.

July 31, 2014 (LBO) – Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings said it had struck a deal to sell 78 percent of its general insurance business valued at 4.5 billion rupees to Fairfax Asia. Union Assurance said it will continue to fully own the life insurance business.

Fairfax Asia was a unit of Canada based Fairfax Financial Holdings Plc, the firm said in a stock exchange filing.

Under Sri Lanka’s regulations all composite insurers are expected to segregate life and general business.