US based AIG Insurance went to court on Monday, to transfer the life portfolio of its Sri Lankan unit to Sri Lanka Insurance Corp., officials said. US based AIG Insurance went to court on Monday, to transfer the life portfolio of its Sri Lankan unit to Sri Lanka Insurance Corp., officials said. Hayleys AIG – a joint venture between local conglomerate Hayleys Ltd and American International Group – has been scouting for a buyer after it ceased to write new life policies from June 1, 2004.
The firm’s life portfolio which comprises of around 1,000 policies, presently has a gross written premium of Rs. 8,775,081.
“We continued to service our life customers though we stopped taking in new business last year. Until the court order is complete, we will continue to service our life policyholders,” Hayleys AIG Chief Executive Mike Blakeway told LBO.
“The contract terms of their policies remain the same and their (life policyholders) insurance protection is not affected. As time goes on, a large insurer like SLIC will able to offer them new products or services that better serve their changing needs,” he said.
He declined to disclose the sa