Asian Alliance General Insurance becomes part of Fairfax Group

Wednesday, 5 October 2016 00:01 - - {{hitsCtrl.values.hits}}

On 3 October, subsequent to receiving the requisite regulatory approvals, Union Assurance General Ltd. (UAG) – a Fairfax Company, acquired 100% shares of Asian Alliance General Insurance Ltd. (AAGI). AAGI, was formerly a part of the Softlogic Group, but now will continue to operate as a fully owned subsidiary of Union Assurance General (UAG).

AAGI was recognised at the inaugural IASL – Fintelekt Insurance Industry Awards 2016 for excellence in growth in Motor Insurance and they also won the title for Technological Innovation linked to efficiency in claim servicing (Click2Claim). At this very same forum UAG won the award for excellence in growth in medical insurance. Together these two companies have leading positions in most lines of general insurance.

The Fairfax Group is one of the largest providers of general insurance solutions in the world. It’s headquartered in Toronto and listed on the Toronto stock exchange. As at 2015, Fairfax assets amounted to approximately $ 43 billion, revenue of approximately $ 10 billion and common shareholders’ equity of approximately $ 9 billion.

Speaking on the acquisition CEO Dr. Sanjeev Jha stated, “We are super excited to welcome the AAGI team into the Fairfax Family. The team at AAGI has done some amazing work and compliments the excellence at UAG. The Fairfax values of ‘fair and friendly’ remain central during this entire process of acquisition and our ongoing integration.”