March 1, 2023 | Investopaper
Siddhartha Insurance Company Limited (SIL), and Premier Insurance Company Limited (PIC) have successfully merged with each other. After the merger, both the companies have started the joint operation in the name of ‘Siddhartha Premier Insurance Limited’ from Falgun 17, 2079 BS.
The companies have merged in the share swap ratio of 1:1.
Earlier, both the companies had signed a preliminary agreement (MOU) for merger on Ashad 27, 2079 BS.
As per the direction of Beema Samiti, the regulatory body, the non-life insurance companies are required to meet the minimum capital of Rs. 250 crores by the end of Chaitra, 2079 BS. Hence, these two life insurance companies have opted for merger in order to reach the capital requirement.
Previously, Himalayan General Insurance Company Limited (HGI) and Everest Insurance Company Limited (EIC) have successfully undergone merger and have commence joint operation from Shrawan 1, 2079 BS. Likewise, Sanima General Insurance (SGI) and General Insurance (GIC), have completed merger and started integrated transaction from Karthik 7, 2079 BS.