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Hayleys AIG insurance says an expression by Ceylinco Insurance to acquire its life business has been passed down to its shareholders; the AIG group and local conglomerate Hayleys. The company while expressing disappointment over the way the offer was made said it is now up to shareholders to decide.
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Hayleys AIG CEO Mike Blakeway told LBR that they have no intention of closing down the life insurance business despite a decision to only concentrate on general insurance.
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Hayleys AIG was reacting to a hostile expression of interest from Ceylinco Life Insurance.
“We wrote to the IBSL saying that we are ready to take over (HIAG/life) subject to due diligence, IBSL has replied saying that “a keen interest is shown to meet with you to discuss.
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” They are interested in our offer,” Lalith Kotelawala, Chairman, Ceylinco Life said a press briefing last Monday.
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Hayleys AIG is 80 percent owned by international insurance giant AIG.
Mr Blakeway added the company was committed to growing its local business