Taking over: IGI Insurance completes acquisition
Alico Pakistan is now part of IGI and is currently in the process of applying to SECP for a change of name to IGI Life
KARACHI:
International General Insurance (IGI) has acquired a controlling stake in the American Life Insurance Company (Pakistan) Limited (Alico) from American Life Insurance Company, Delaware, United States. With the completion of all legal and corporate formalities, the new entity came into being on Thursday, April 10 2014. Alico Pakistan is now part of IGI and is currently in the process of applying to the Securities and Exchange Commission of Pakistan (SECP) for a change of name to IGI Life. The acquisition of Alico represents IGI’s growth strategy and marks IGI’s entry into life-insurance and employee benefits business. The acquisition further diversifies IGI’s product mix, distribution channels and outreach through Bancassurance and Captive Field Force spread over 11 cities across Pakistan.
Published in The Express Tribune, April 13th, 2014.
International General Insurance (IGI) has acquired a controlling stake in the American Life Insurance Company (Pakistan) Limited (Alico) from American Life Insurance Company, Delaware, United States. With the completion of all legal and corporate formalities, the new entity came into being on Thursday, April 10 2014. Alico Pakistan is now part of IGI and is currently in the process of applying to the Securities and Exchange Commission of Pakistan (SECP) for a change of name to IGI Life. The acquisition of Alico represents IGI’s growth strategy and marks IGI’s entry into life-insurance and employee benefits business. The acquisition further diversifies IGI’s product mix, distribution channels and outreach through Bancassurance and Captive Field Force spread over 11 cities across Pakistan.
Published in The Express Tribune, April 13th, 2014.