Amalgamated business between Siddhartha Insurance & Premier Insurance begins
Both companies were merged at a swap ratio of 1:1.
KATHMANDU: Premier Insurance Co. (Nepal) Ltd., founded on May 12, 1994, and Siddhartha Insurance Co. Ltd., founded on April 14, 2006, merged today to form Siddhartha Premier Insurance Ltd. Mr. Surya Prasad Silwal, Chair of Nepal Insurance Authority, inaugurated the merged entity today during a small ceremony.
Mr. Sureshlal Shrestha and Mr. Birendra Bahadur Baidawar Chhetry respectively have been appointed as the Chair and Chief Executive Officer of the merged entity.
Both companies were merged at a swap ratio of 1:1, bringing the total paid-up capital of Siddhartha Premier Insurance Limited to more than 2 billion 800 million and 2 billion 340 million in the Insurance Fund.
Similarly, total capital of the company has reached 18 billion 230 million.
The company will be operating from 125 branch networks providing insurance services to the public.
