Sri Lanka's Asian Alliance general insurance unit goes to Fairfax
Jun 24, 2016 16:01 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's Softologic group has struck a deal to sell general insurance unit of Asian Alliance Insurance to Canada-based FairFAx Financial group, subject to regulatory approval, Chairman Ashok Pathirage said.
The deal was valued at 1.2 billion rupees or 1.7 times the book value.
The Solflogic group has interests in retail, financial services and healthcare.
Asian Alliance itself will focus on general insurance.
Soflogic will also act as a distributor for the general insurance in a 224 million rupee deal. (Colombo/June24/2016)