Sri Lanka’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.