IGI Insurance Limited (“IGI Insurance”) has acquired a controlling stake in American Life Insurance Company (Pakistan) Limited (“ALICO Pakistan”) from American Life Insurance Company, Delaware, U.S.A (“Alico US”), the country’s leading insurer announced.
With the completion of all legal and corporate formalities, the new entity came into being on Thursday, April 10, 2014. ALICO Pakistan is now part of IGI and is currently in the process of applying to the Securities and Exchange Commission of Pakistan (SECP) for a change of name to IGI Life.
The acquisition of Alico Pakistan accelerates IGI’s growth strategy and marks IGI’s entry into life-insurance and employee benefits business. The acquisition will further diversify IGI’s product mix, distribution channels and outreach through Bancassurance and Captive Field Force spread over 11 cities.