Ceylinco Insurance PLC, the foremost insurance company in Sri Lanka joined Asian Re as an Associate member. Ceylinco Insurance Company started in 1939 and has evolved into one of the strongest and innovative companies with regional recognition.
Asian Re is a regional reinsurer, formed by ten governments of Asia under the auspices of the UN-ESCAP. It is in the process of transforming itself as a public-private partnership consequent on an amendment to its constituting agreement in July 2005. This has opened the doors to insurers, reinsures and multi-lateral bodies to join Asian Re as associate members. Asian Re is mobilizing US$ 100 mn capital to expand its development activities and provide the much needed regional reinsurance capacity.
Asian Re has written a premium of US$ 57.54 mn in 2010 registering a growth of 8.6%. Its operating profit for the year was US$2.78 mn. The Shareholders’ equity now stands at US$ 54.94 mn.
As of now there are 10 member countries and 9 Associate members. Afghanistan, Bangladesh, Bhutan, China, India, Iran, Korea, Philippines, Sri Lanka and Thailand comprises the member countries with shares of 980 each. The 9 Associate members including Ceylinco are; Bimeh Markazi Iran, Mitsui Sumitomo Insurance Co. Ltd, Japan, The Viriyah Insurance Co. Ltd, Thailand, General Insurance Corporation of India, The Oriental Insurance Co. Ltd, New Delhi, United India Insurance Co. Ltd, Chennai, Oman Insurance Company, PSC, Dubai and Sadharan Bima Corporation, Bangladesh.
Going forward the Corporation is strategizing to evolve as a nodal agency of public-private partnership in the reinsurance sector