Kathmandu, July 17
Himalayan Everest Insurance Limited, a company created with the merger
of Himalayan General Insurance Limited and Everest Insurance Limited, has
started integrated transaction from Sunday, the first day of the new fiscal
year 2022/23.
Chairman of the Insurance Board, Surya Prasad Silwal, announced the
launch of the first transaction by unveiling the logo of the new company at a
programme in Kathmandu today. He said that the merger has also become the pride
of the board as well.
Chief Executive Officer of the company Bijay Bahadur Shah said that the
new company would use innovative products to reach the people across the
country.
Chairman of the Securities Board of Nepal, Ramesh Kumar Hamal, President
of Institute of Chartered Accountants of Nepal Yuddha Raj Oli, President of
Nepal Insurers Association Chunky Chhetry, and President of Nepal Surveyor
Association Mohan Purush Dhakal were present on the occasion.
The two non-life insurance companies had signed a memorandum of
understanding on 5 May 2022 for the merger. They had agreed for a swap ratio of
100:85 for HGI and EIC, respectively.
Following the issuance of a directive from the insurance sector
regulator, Insurance Board, this is the first merger. The board has set the
minimum capital of Rs. 2.5 billion for non-life insurance companies which
should be met by mid-April 2023.
Himalayan Everest now has Rs. 2.35 billion paid up capital.
Published in The Rising Nepal daily on 18 July 2021.
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