Asian Reinsurance invites Ceylinco Insurance to invest

INVESTMENT: The Asian Reinsurance Corporation (better known as Asian Re) has invited Ceylinco Insurance Company Limited to invest in the Corporation.

The Board of Directors of Ceylinco Insurance has principally accepted this invitation subject to the approval of the Insurance Board of Sri Lanka and the Central Bank of Sri Lanka.

Asian Reinsurance Corporation was established in 1979 with the initiative of United Nations Conference on Trade and Development (UNCTAD) and presently is operating as a regional reinsurance company with its head office in Bangkok, Thailand.

Initially ten Asian governments namely Sri Lanka, China, India, Thailand, Iran, Bangladesh, Bhutan, Republic of Korea, Philippine and Afghanistan have invested in this Corporation. Presently, Additional Director General, External Resources Department, Ministry of Finance and Planning Ms. G. T. C. Ekanayake is serving as a Council Member appointed by the Government of Sri Lanka.

The Corporation has decided to increase its capital to US $ 100 million to expand the development activities and add to the much-needed regional reinsurance capacity.

To achieve this, they have decided to invite a couple of major reinsurance/insurance companies operating in the region to invest in the Corporation as Associate Members.

Accepting their invitation, General Insurance Corporation of India, Mitsui Sumitomo Insurance Company of Japan, Bimeh Markazi of Iran, Viriyah Insurance Company of Thailand, The Oriental Insurance Company and United Indian Insurance Company of India have already invested.