IIRM Holdings, a Singaporean investment firm, has entered a binding agreement to purchase the insurance broking business of Sri Lankan conglomerate Finlays Colombo.

The sale of Finlay Insurance Brokers was revealed by Finlays Colombo in its 2017-2018 annual report, The Daily Mirror (Sri Lanka) reported. Meanwhile, Sanjiv Keerthiratne was appointed as chief executive officer and managing director of the brokerage.

Keerthiratne has almost 30 years’ experience working in the Sri Lankan insurance industry. He is a Fellow of the Chartered Insurance Institute and the Chartered Institute of Marketing in the UK. He was also previously president of the Sri Lanka Insurance Institute and treasurer of the Sri Lanka Insurance Brokers Association.

The unloading of the broking business comes as Finlays Colombo is reportedly embarking on a strategic divestment programme so it can focus on its core business of tea. The annual report also said that the firm has let go of its timber treatment division, Finlay Rentokil (Ceylon) Ltd, for LKR250 million (US$1.57 million) in January 2018.

Related stories:
Sri Lanka reinsurance premiums to rise after intense flooding
Renaissance Singapore tapped as Sri Lanka’s disaster reinsurer
Insurers can handle flooding in Sri Lanka, but risks are mounting