‘s Union Assurance to sell general insurance to Canada firm

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.