NB Insurance rebrands itself as IME General Insurance
Nov 24, 2017-NB Insurance Company has rebranded itself as IME General Insurance Limited. Established as a non-life insurance company 20 years ago, the crisis-ridden company was taken over by IME Group in January 2015. The company resumed operation in June 2015 with new management.
According to a press statement issued by the company, it has also changed its logo.
The company said that it is in the process of increasing the paid up capital to Rs972 million, from Rs540 million through issuance of 80 percent of rights shares.
It has submitted a plan to raise its paid up capital to more than Rs1 billion at the Insurance Board, after distributing 5 percent of bonus shares. The insurance sector regulator has directed non-life insurance companies to raise the minimum stock of paid-up capital by four times to Rs1 billion within mid-July 2018 to bolster shock absorbing capacity of insurers.
As of mid-October, the company has earned Rs220 million in insurance premiums and net profit stood at Rs25.5 million. The company said that it has targeted to collect Rs1.20 billion in insurance premiums by this fiscal year.
Published: 24-11-2017 08:38