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Asian Alliance Insurance ended the third quarter with a Gross Written Premium (GWP) of Rs. 250 million for its General Insurance division. The company said that this was a growth of 25% in comparison to the same period last year and considered it to be a significant achievement since the industry growth in GWP terms over the last four years averaged less than 12%.

A company spokesperson said it was encouraging to note that the company was able to maintain healthy results with a major portion of the business coming from fire insurance related risks. The company's sales thrust is carried out by a relatively small but dynamic and experienced sales force and a very supportive broker community. Asian Alliance Insurance added yet another Regional Distribution Office to its fast expanding distribution network with the opening of its seventh Regional Distribution Office in Matara. Still in its second year of Life operations, Asian Alliance Insurance now boasts of over 400 Life sales people providing financial solutions to families of above average incomes.

The average premium of its customers are 2-3 times of that of the industry averages while maintaining high persistency rates. While two-thirds of its sales force has been taken as fresh recruits to the profession and the industry approximately 150 of its sales force have joined from the industry itself. The company currently operates in Colombo, Gampaha, Panadura, Negombo, Kurunegala, Kandy and Matara.

The company also recently relocated its corporate offices to Nawam Mawatha from the World Trade Centre in order to provide easy access to its clients and intermediaries. With the relocation, the General Insurance division also made some operational changes to improve its efficiency and effectiveness. Victor Colombage and Gerry Gunadasa now overlook General Underwriting, Re Insurance and claims in their capacities as Deputy General Managers, the spokesman said.

Colombage joined Asian Alliance Insurance as Assistant General Manager in December 2001. He holds an Associate Membership at the Chartered Insurance Institute of London and is a Chartered Insurer. He worked at the Insurance Corporation of Sri Lanka from 1962-1992 as Senior Asst. Manager Fire Department and Manager Miscellaneous Accident Insurance Department. In 1992 he joined the NCCI (National Company for Co-operative Insurance) in Saudi Arabia as Senior Casualty Underwriter and worked in Riyadh and Jeddah until 1998. He acted as a freelance insurance consultant from 1999-2001.

Gerry Gunadasa joined Asian Alliance Insurance in October 2002. He is an Associate Member of the Chartered Insurance Institute of London, and is a Chartered Insurer. He commenced his insurance career at the Insurance Department of Mackwoods Ltd., Colombo who were General Agents for Royal Exchange Assurance of London.He worked at the Insurance Corporation of Sri Lanka in various capacities and in a number of Departments in General Insurance, ending up as Manager Fire Department.

During this period he was also posted to INSCO, Dubai who were the Principal Agents for Prudential Assurance Co. Ltd., on an overseas assignment. He worked as "Underwriter" in all classes of General Insurance at the NCCI (National Company for Co-operative Insurance) Saudi Arabia for eleven years.

Asian Alliance Insurance is a composite insurance company launched in December 1999, handling General and Life Insurance with major shareholders in Asia Capital Ltd, Richard Pieris Company Ltd and Sampath Bank. A company spokesman said that "its remarkable success is due to excellent team work and leadership advocating quality products, services through quality people."

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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