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Our Story

We are Sri Lankans 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 excee 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

Union Assurance General completes the 100% share acquisition of Asian Alliance General Insurance, and AAGI accordingly becomes a member of the Fairfax group.

2016

Fairfirst Insurance is born with the combined strengths of Union Assurance General Insurance and Asian Alliance General Insurance