Pakistan-based general insurance firm IGI Insurance has purchased a controlling stake in American Life Insurance (Pakistan).
As part of the of the first closing, the company acquired approximately 69.67% stake in ALICO Pakistan, and will buy the remaining 12.29% holding at the second closing.
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An agreement to this effect was signed on 21 January 2013.
The acquisition is part of IGI’s strategy to expand its presence into the life insurance and employee benefits businesses. It will strengthen IGI’s product mix, distribution channels and outreach through Bancassurance and Captive Field Force spread over 11 cities.
The company plans to operate the acquired entity as a listed company on standalone basis.
Established in 1953, IGI is one of the leading general insurance firms in Pakistan, and provides a wide range of risk covers, including fire, marine, motor, health, home, travel and engineering.
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