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DateLine Sunday, 11 May 2008

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Allianz Lanka sets up D & O specialised unit

Allianz Insurance Lanka Ltd. has launched a new business unit to provide Directors and Officers' (D& O) liability insurance to private and public corporates.

The launch of the new business unit comes in the wake of several new non-life policies launched recently.

Parent company Allianz SE's AA credit rating, financial strength, global capabilities and prominent brand make it a strong D&O insurance choice from the outset.

The new unit is managed by Dilani De Silva, who received specialised training in this area, at Allianz Reinsurance Asia Pacific, the Allianz Singapore office, which is the main reinsurance hub for the region. Ms De Silva has extensive experience in non-life insurance, having worked several years in a technical capacity in the Middle East.

"Unlike typical D&O underwriting operations in this country, we have a tremendous advantage in providing D&O coverage to corporates.

We are able to deliver a complete service and have consolidated operations and underwriting authority with our regional offices, which enables us to function as a 'one stop shop' with responsiveness and efficient, speedy delivery. This enables our clients to obtain the entire cover directly from us, at more competitive terms, "she said."

Increasing corporate governance and regulatory surveillance is placing greater pressure on company directors and officers to perform meticulously. In recent years, Directors and Officers liability insurance has become a core component of corporate insurance. As many as 95% of Fortune 500 companies maintain Directors and Officers (D&O) Liability insurance today.

D & O Liability insurance is also becoming increasingly important for Sri Lankan companies now, due to the implementation of the New Companies Act 2007, which clearly outlines the duties and responsibilities of a Director or Officer and also sets out the repercussions of breaching such duties.

De Silva said, "Directors and officers worldwide make decisions every day, which have far-reaching consequences. They face increasing exposure to personal liability, which directly affects their professional reputation and personal assets.

Personal liability exposure for directors of public companies is greater than ever in the light of the recently enacted legislation. With D&O Insurance, Allianz Lanka provides a solution to protect them from exposure resulting from their professional performance.

Allianz's corporate might and global reach make our D& O product very attractive to the Sri Lankan market."

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