KARACHI, Jan 1: New Jubilee Insurance (NJI) Company Limited announced on Wednesday that it had acquired the general insurance business of Commercial Union in Pakistan effective Jan 1, 2003.
A company press release quoted Masood Noorani, MD NJI as saying: "This is the first time that the business of a prominent foreign insurer has been acquired by a Pakistani insurance company and is a proud achievement for the company as it celebrates its 50 years of successful operation in 2003". The company stated that it was the pioneer and market leader in Health Insurance business in the country.
The company said that in a separate transaction, the Aga Khan Fund for Economic Development and NJI had also purchased the controlling shares of 63.4 per cent held by CGU International Insurance, PLc in Commercial Union Life Assurance Company (Pakistan) (CULAP).
"Both the transaction have been approved by the Securities and Exchange Commission of Pakistan," the company said and added that CULAP was expected to benefit from the takeover through the injection of additional capital and technical expertise by the new majority shareholders.