Prudential Assurance Ltd, is hoping its inhouse expertise to structure financial packages, will help gain a toe into Sri Lanka’s competitive insurance market. Prudential Assurance Ltd, is hoping its inhouse expertise to structure financial packages, will help gain a toe into Sri Lanka’s competitive insurance market. Prudential – no connection to the international insurance giant – has so far struck a deal with Commercial Bank of Ceylon to structure loan protection covers to few customers.
“We were able to negotiate a Rs. 3.2 million loan from Commercial Bank and structure an insurance policy for one policyholder. Commercial Bank also gave us a Rs. 10 million limit per person for future polices,” Prudential’s Chief Executive Wimal Wickremasinghe told reporters on Monday.
Chartered Accountant and restructuring consultant, Nivard Cabraal is also lending his weight to Prudential, using expertise to structure financial packages.
Prudential is also in talks with state housing giant HDFC Bank and Merchant Bank of Sri Lanka to offer similar facilities.
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The privately held Prudential Assurance is largely controlled by businessman Shiran Dissanayake’s