Our Story
We are Sri Lankan at heart. And, global in our dealings. Our decade’s worth of experience in the Sri Lankan insurance market is only amplified with the global expertise of our parent company, Fairfax Financial Holdings. So, be it your house, your car, your family or your business our job, is to ensure that you are not burdened with the financial loss that comes with uncertainties in life.
Our milestones
1988
Union Assurance commences operations with the combined portfolio’s of Aitken Spence, Carson Cumberbatch, Mercantile Credit and Whitall Boustead
1996
Invests LKR 80 million to upgrade computer systems
1999
Launch of Asian Alliance Insurance PLC with general insurance operation
2000
Commencement of life operations
2000
Total insurance premiums exceeded LKR 1 billion
2002
Asian Alliance captures 3% of market share
2002
1st private insurer to commence operations in Jaffna
2006
The company achieves the LKR 1 billion GWP mark
2008
Deployment of home grown general insurance IT system
2009
John Keells Holdings gains 81% control of UA
2011
Acquisition of the company by the Softlogic Group – a diversified conglomerate
2015
Company splits into 2 business units Union Assurance PLC (UAL) and Union Assurance General Limited (UAG). Accordingly UAG is formed with a 78% ownership with the Fairfax Group and 22% with Union Assurance PLC
2015
Transferred general insurance operations to the newly formed fully owned subsidiary Asian Alliance General Insurance
2016
Union Assurance General completes the 100% share acquisition of Asian Alliance General Insurance.
2016
Fairfirst Insurance is born with the combined strengths of Union Assurance General Insurance and Asian Alliance General Insurance
2017
Union Assurance General completes the 100% share acquisition of Asian Alliance General Insurance, and AAGI accordingly becomes a member of the Fairfax group.