On 22nd November 2016, consequent to regulatory approval, Asian Alliance General Insurance (AAGI) announced that it has changed the company name to Fairfirst Insurance Limited. This name change follows the recent 100% share acquisition of Asian Alliance General by Union Assurance General (UAG), which is a part of the Fairfax Group in Sri Lanka.
Asian Alliance General Insurance has been rapidly growing over the last few years and comes geared with a strong retail product line, a distribution network of 40 branches and an experienced workforce of 527. Formerly, a part of the Softlogic Group, some of their strong suits include efficiency in claim servicing, through the innovative Click2Claim, and a growing motor insurance business, both of which were recognized at the inaugural IASL – Fintelekt Insurance Industry Awards 2016.
Speaking on the re-branding Mr. Ramal Jasinghe CEO of Fairfirst Insurance (formerly known as Asian Alliance General Insurance) commented “We are very keen to build a strong brand identity that stands out and accurately represents the fresh vision of the organization. The simple look and feel of the new brand constitutes the core values of honesty, transparency and integrity, and more importantly represents the endorsement of the Fairfax Group.”
The Fairfax Group is one of the largest general insurance groups in the world. A diversified, financial services company headquartered in Toronto, Fairfax accounts years of experience in insurance, re-insurance and other financial services across the globe and have been a majority stakeholder of UAG since January 2015. Most recently, Fairfax acquired American International Group (AIG) businesses in Latin America and Central & Eastern Europe, further strengthening their global footprint.
“The Fairfax Group views the Sri Lankan insurance market with optimism” stated Dr. Sanjeev Jha, CEO of Union Assurance General. “As the holding company of Fairfirst Insurance we are excited to be part of this dynamic journey. Together we are efficiently working towards completing all regulatory and statutory requisites for total integration of our two companies enabling certainty to our customers, employees, shareholders and our community.” Fairfirst Insurance will continue its operations as a fully owned subsidiary of UAG until the compete amalgamation of the two companies, which is expected to be concluded by Q1 2017.
Photo caption: The logo of Fairfirst Insurance Limited