Premier Insurance completes merger deal with Siddhartha Insurance; strong company with 2.8 Arba paid up capital and 125 branches come into being

Premier Insurance Co. (Nepal) Ltd., established on 12th May 1994 and Siddhartha Insurance Co. Ltd., established on 14th April 2006 have officially merged to form a new entity, Siddhartha Premier Insurance Ltd. Chairman of Nepal Insurance Authority, Mr. Surya Prasad Silwal, inaugurated the merged entity today amidst a ceremony.

Mr. Sureshlal Shrestha and Mr. Birendra Bahadur Baidawar Chhetry respectively have been appointed as the merged entity's Chairman and Chief Executive Officer. Both the companies have been merged with a swap ratio of 1:1, thus totaling the paid-up capital of Siddhartha Premier Insurance Limited to more than 2 billion 800 million and 2 billion 340 million in the Insurance Fund.

Similarly, total capital of the company has reached 18 billion 230 million. The company will be operating from 125 branch networks providing insurance services to the public.