Allianz Lanka sets up D & O Specialised unit

Dilani De Silva

Allianz Insurance Lanka Ltd. has launched a new business unit to provide Directors and Officers (D&O) liability insurance to private and public corporates, the company said.

The launch of the new business unit comes in the wake of several new non-life policies launched recently. Parent company Allianz SE’s AA credit rating, financial strength, global capabilities and prominent brand make it a strong D&O insurance choice from the outset.

The new unit is managed by Dilani De Silva, who received specialised training in this area, at Allianz Reinsurance Asia Pacific, the Allianz Singapore office, which is the main reinsurance hub for the region. “Unlike typical D&O underwriting operations in this country, we have a tremendous advantage in providing D&O coverage to corporates. We are able to deliver a complete service and have consolidated operations and underwriting authority with our regional offices, which enables us to function as a ‘one stop shop’ with responsiveness and efficient, speedy delivery,” she was quoted as saying.

The company says D&O liability insurance is becoming increasingly important for Sri Lankan companies now, due to the implementation of the New Companies Act 2007, which clearly outlines the duties and responsibilities of a Director or Officer and also sets out the repercussions of breaching such duties.