LAHORE: TPL Insurance Limited, a leading non-life insurance provider in Pakistan, Tuesday announced its Board of Directors' approval of a draft Scheme of Arrangement under Section 279 to Section 282 and Section 285 of the Companies Act, 2017.
The scheme outlines the acquisition of the assets and liabilities of the Pakistani Branch of New Hampshire Insurance Company (NHIC).
Upon approval by the High Court of Pakistan, the Scheme of Arrangement will facilitate the seamless transfer of NHIC's assets and liabilities to TPL Insurance. The successful completion of the transaction is subject to obtaining all necessary regulatory approvals, including the Securities and Exchange Commission of Pakistan's ("SECP") endorsement.
TPL Insurance Limited is a renowned non-life insurance company in Pakistan, renowned for its track record of growth and profitability. With a diverse portfolio of insurance products, including motor, fire, marine, travel, and health insurance, TPL Insurance has firmly established itself as a trusted partner in the insurance and insurtech industry.
The completion of the NHIC acquisition is anticipated to take place by December 31, 2023.
Copyright Business Recorder, 2023
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