Ceylinco Insurance invited to invest in Asian Re

The Asian Re-insurance Corporation, better known as Asian Re, has invited Ceylinco Insurance to invest with them. Established in 1979, through an initiative taken by the United Nation Conference on Trade and Development (UNCTAD) and presently operating as a regional re-insurance company, with its head office located in Bangkok Asian Re has decided to increase its capital to US$ 100 million, in order to expand development activities and to add to much required regional reinsurance capacity. “In a bid to achieve this target, Asian Re opted to invite a couple of major re-insurance / insurance companies operating in the region to invest in the company as Associate Members,” a Ceylinco statement said.

Those who have already accepted their invitation include the General Insurance Corporation of India, the Mitsui Sumitomo Insurance Company of Japan, Bimeh Markazi of Iran, the Viriyah Insurance Company of Thailand, the Oriental Insurance Company and the United Indian Insurance Company.

Initially 10 Asian governments - Sri Lanka, China, India, Thailand, Iran, Bangladesh, Bhutan, the Republic of Korea, Philippines and Afghanistan were invited to invest in the company. At present G. T. C. Ekanayake, Additional Director General, External Resources Department, Ministry of Finance and Planning, is serving as a Council Member as the Sri Lanka government representative.

Ceylinco Insurances said its Board of Directors has in principle, accepted the invitation, subject to approval by the Insurance Board of Sri Lanka and the Central Bank of Sri Lanka.