Kathmandu: The integrated business of Sagarmatha Insurance and Lumbini General Insurance under the new brand name ‘Salico’ has kicked off today. After their merger, Sagarmatha Lumbini Insurance is in existence now.
The integrated business was formally inaugurated at a grand event held today. Chairman of Nepal Insurance Authority, Surya Prasad Silwal congratulated the members of BODs and employees of both companies on the beginning of the new journey. Chairman Silwal claimed that two companies established in the insurance market are more powerful together and that they are trying to ‘departure’ to a new point.
Considering the need of the time, the Authority has clarified that it has taken such a policy by realizing that the paid-up capital of non-life insurance companies will be required to be Rs. 2.5 billion for the next 5 years. He added, “The designated paid-up capital is for the next few years.”
The newly appointed Chairman of BODs of Salico, Manohar Das Mull, expressed his commitment to work for the best interest of the company. Mull said that the merger was taken in accordance with the Authority’s policy. He added, “We are moving forward with new thinking.”
Ajith R. Gunawardane, the representative of Ceylinco Insurance Plc, Sri Lanka, has expressed his commitment to continue the technical and marketing support even after the merger. He added, “We have a common spirit of always being cheerful and helping each other.”
Chief Executive Officer of Salico, Chunki Chhetri, expressed his gratitude to the people and institutions who made the merger possible.
The brand logo of the company has been made public in the context of integrated business. After the merger, the branding name ‘Salico’ has been kept.
