Kathmandu: Nepal’s only and first joint venture insurance company, Sagarmatha Insurance Company has launched a joint venture with Lumbini General Insurance, taking a larger form. The two companies have merged in a ratio of 1:0.8.
27 years ago today, Sagarmatha Insurance was incorporated as a joint venture of Sri Lanka’s Ceylinco Insurance and Nepalese promoters. Ceylinco’s initial investment was Rs. 10.2 million while Nepali promoters had invested Rs.10.2 million. Prior to the merger, the insurer’s paid-up capital was Rs.162 crore.
Lumbini General Insurance Company was incorporated in 2005 (2062 BS) by prominent Businessmen, Industrialists, Financial Institutions & Commercial Banks, and First Ex-Governor Late Himalaya SJB Rana as Founder Chairman. Prior to the merger, the paid-up capital of LGI was Rs.131.27 crores.