KARACHI (January 02 2003) : The New Jubilee Insurance Co has acquired the general insurance business of Commercial Union in Pakistan, effective from January 1, 2003.
In a statement here on Wednesday, Managing Director of NJI, Masood Noorani, said: “This is the fist time in country's history that the business of a prominent foreign insurer has been acquired by a Pakistani insurance company and is a proud achievement for the company as it celebrates its 50 years of successful operation this year (2003).”
NJI has demonstrated record of success in the insurance business and it is also the pioneer and market leader in Health Insurance business, he added.
Moreover, in a separate transaction, the Aga Khan Fund for Economic Development (AKFED) and NJI have also purchased the controlling share of 63.4 percent held by CGU International Insurance Plc in Commercial Union Life Assurance Company (Pakistan) Limited (CULAP).
Both transactions have been approved by Securities and Exchange Commission of Pakistan (SECP).
The CULAP is expected to benefit from the take-over through the injection of additional capital and technical expertise by the new majority shareholders, Noorani said.
AKFED has long established itself in the financial services industry and its operations include one of East Africa's oldest and leading life and general insurance companies, the Jubilee Insurance Company Limited, with presence in Kenya, Uganda, Tanzania and Mauritius.
AKFED also operates bank and financial institutions in South and Central Asia and Eastern Africa.