Fairfax Sri Lanka under Fairfirst Insurance brand

ECONOMYNEXT – Canada-based Fairfax Financial Holdings Ltd, which bought two general insurance businesses in Sri Lanka, said the combined operation will operate as Fairfirst Insurance.

"We see great potential in the Sri Lankan insurance market," Managing Director and Chief Executive Officer of Fairfirst Insurance Limited Sanjeev Jha said in a statement.

Fairfax bought the general insurance unit of Union Assurance in January 2015 and Asian Alliance General Insurance in October 2016.

"The amalgamated entity, Fairfirst Insurance, allows us to leverage on the combined strengths of the former Union Assurance General and Asian Alliance General," Jha said.

The firm has 1,400 staff in 57 service centres, it said. Fairfirst was selling cover for motor, health, marine, fleets, property, liability, construction and engineering.

The Toronto-headquartered group, which is in property and finance, said it had $43 billion in assets and revenues of $9.5 billion in 2016. (Colombo/Mar20/2017)

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