Janashakthi Insurance appoints Prakash Schaffter as its Executive Chairman

Janashakthi Insurance PLC announced the appointment of renowned business leader Prakash Schaffter as its Executive Chairman. Mr. Schaffter, who has three decades of experience in the Insurance industry, had led Janashakthi as its Managing Director since 2006. This announcement comes with the addition of two new board members, Nathan Sivagananathan and Avindra Rodrigo. These appointments, which are subject to regulatory approval, came as Husein Esufally and Anushya Coomaraswamy stepped down from their roles of Chairman and Director of the Board respectively. Mr. Esufally took on the mantle as the Chairman of Janashakthi Insurance PLC in 2016. He was a key driver of the Company’s post-segregation strategy and played an important role in the acquisition of AIA General. He was instrumental in bringing specialised focus to the Life and General Insurance categories with the appointment of dedicated Chief Executive Officers to head each business. He also saw the Company through the recent divestment of Janashakthi General Insurance Limited, one of the largest transactions in not only the Insurance industry, but the entire corporate sector. As a member of the Board of Directors of Janashakthi Insurance PLC since 2006, Ms. Coomaraswamy has been known for her technical expertise in Finance and Accounting, as well as her strategic contribution and leadership to the Board Audit Committee and the Related Party Transactions Review Committee. “While we bid adieu to Mr. Esufally and Ms. Coomaraswamy, we thank them for their leadership, support and guidance to the Janashakthi business. Their experience and contribution have helped place Janashakthi well on our journey of becoming one of the key players in the Life Insurance industry. I am pleased to welcome Mr. Nathan Sivagananathan and Mr. Avindra Rodrigo to the Board of Directors of Janashakthi Insurance, and I am confident that their expertise will add greatly to the strategic growth journey of our Life Insurance business,” said Prakash Schaffter, Chairman of Janashakthi Insurance PLC. In addition to the three decades of invaluable industry experience which Mr. Schaffter brings in, the Company believes that the diverse experience and skills of the new appointees to the Board will strengthen its efforts of building a specialised Life Insurance business. Under Mr. Schaffter’s leadership, the Company became the country’s third largest insurer, acquired AIA’s General Insurance business, and most recently engaged in the divestment of Janashakthi's Non Life segment. He has led the discussion on regulatory changes, including the segregation of Life and Non-Life segments through several industry-related committees. He holds a Bachelor’s degree from the University of London and an MBA from the University of Cambridge, in addition to being one of the youngest Fellow Members of the Chartered Insurance Institute.
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Mr. Sivagananathan is currently the Chief Growth Officer of MAS Holdings and Board Director of MAS Capital. A 2015 Eisenhower Fellow and 2018 Kauffman Fellow, he has been a supporter of local entrepreneurship and small businesses, as well as an active angel investor in the country. He holds a BSc in Engineering Management from the University of Hertfordshire and has completed the General Management Program at Harvard University. Mr. Rodrigo, who is a leading counsel and an active practitioner in commercial and corporate litigation as well as arbitration and alternative dispute resolution, has a wealth of experience in the areas of Banking Law, Finance, Insurance, Construction and Telecommunications Law. Receiving his LLB (Hons) from the University of Warwick, England, he has appeared in numerous actions arising out of Insurance Contracts, representing either the Insurer or the Assured. With the new additions, the Board of Directors of Janashakthi Insurance PLC comprises of Mr. Prakash Schaffter, Executive Chairman; Mr. Jude Fernando, Chief Executive Officer; Mr. Ramesh Schaffter; Mrs. Manjula Mathews; Mr. Eardley Perera; Mr. Nathan Sivagananathan and Mr. Avindra Rodrigo. (Media Release)