Kathmandu: After announcing the successful merger and integrated business, Sanima GIC Insurance has released its official brand logo. The brand logo of the company has been created carrying the name of both Sanima General Insurance and General Insurance Company.
It was agreed to merge these two companies on Asar 29, 2079 on an 1:1 swap ratio. After the merger, the name of the company will be ‘Sanima General Insurance Company Limited’. According to the agreement between the two parties, Kunal Keyal of General Insurance will take the charge of the Chairman of the Board of Directors while Sudyumna Upadhyay of Sanima Insurance will continue as the chief executive officer(CEO). Further, Ram Chandra Shrestha, the CEO of General Insurance Company, will be appointed as senior deputy CEO.
This is the second successful merger among the non-life insurers. Himalayan General and Everest Insurance were the first to successfully complete the merger process.
The paid up capital of Sanima GIC will be Rs. 2 billion where the company will need additional Rs. 50 crore to meet the regulatory requirement. Even if the company distribute stock dividend, it will not be able to raise meet the regulatory requirement. It is expected that the company will propose to issue right shares to raise additional capital.
There is Sanima Group,a group consisting of NRN, in Sanima General Insurance while Keyal Group is the major promoter behind GIC Insurance.
