Asia Corp Insurance Brokers inks agreement with Sanasa Life Insurance

One of the premier insurance and Reinsurance Broking Companies, Asia Corp Insurance Brokers (Pvt.) Ltd. has entered into reinsurance facilitator agreements with the leading Life Insurer Sanasa Life Insurance Co. PLC recently.

Asia Corp Chairman Sunil De Silva and Nalin Welgama Group Chairman of Ideal Group of Companies including the board of directors and many invitees from both parties participated.

Both Sunil De Silva and Nalin Welgama expressing their views highlighted the importance of reinsurance.

The duo was impressed with the stance that was taken by the technical team of Asia Corp Meanwhile, the market turnover reached LKR 999.4 Mn, 1.5% higher than the monthly average turnover of LKR 985.0Mn, whilst the Diversified Financial sector and Capital Goods sector jointly contributed 65% to the overall turnover. JKH and FCT led the overall turnover while JKH contributed LKR 240.0Mn (24%) and FCT contributed LKR 147.8Mn (15%). Meanwhile, FCT dominated the market volume with 3.6Mn shares (12%) while RAL was the second largest contributor with 2.7Mn shares (9%). Overall volume decreased sharply compared to the previous session and recorded at 29.1Mn.

Foreign investors remained net buyers amidst low participation recording a net foreign inflow of LKR 3.6Mn. Accordingly, JKH, NTB and VONE were the top three shares to lead foreign inflow while NDB, CALT and SAMP were the three counters recording the largest foreign outflow. First Capital Research with their expertise in bringing a proportional reinsurance treaty arrangement during a time where many re insurers were pulling out from the country with the prevailing crisis situation in Sri Lanka.

Ivan Nicholas CEO Sanasa Life Insurance Co. PLC also highlighted the importance of this reinsurance treaty arrangement. “This will definitely evolve us to tap corporate business which will result in taking the company to greater heights in the near future.”

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