Zurich Financial Services Group announced that it has sold its indirect holding of 51 percent of the shares in Eagle Insurance Company Limited, a composite insurance company listed on the Colombo Stock Exchange, to Sri Lanka’s Capital Development & Investment Company Limited (CDIC), giving it a total stake of 87 percent of Eagle’s share capital.
CDIC is a company controlled by the National Development Bank of Sri Lanka, with a minority stake held by Bank of Ceylon.
ZFS has been in the process of disposing of a number of investments, and said that the “decision to sell Eagle is in line with Zurich’s strategy announced in September 2002, to allocate capital to core markets in order to generate sustained profitable growth.”
Eagle had gross written premiums of $30 million in its Life and P/C insurance portfolio at the end of 2002, and is one of the leading providers in the Sri Lankan market.
“Eagle has begun a communications programme to keep customers fully informed and is confident that NDB will represent a strong partner with whom Eagle can continue to deliver the high level of service and performance achieved to date,” said the bulletin.
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