March 16: Premier Insurance Company (Nepal) Limited and Siddhartha Insurance Company Limited commenced integrated transaction from Wednesday. Following the merger between the two non-life insurance companies, the joint transaction will be carried out under the name  "Siddhartha Premier Insurance Limited”.

Insurance Authority Chairman Surya Prasad Silwal inaugurated the integrated business transaction of the Siddhartha Premier Insurance Limited in a ceremony held by the insurance company on Wednesday.

Mr. Sureshlal Shrestha has been appointed as the Chairman of the Board of Directors of the merged entity. Likewise, Mr. Birendra Bahadur Baidawar Chhetry is the Chief Executive Officer of the merged entity. Two non-life insurance companies had finalized their merger with the swap ratio of 1:1.

After the merger, the total paid-up capital of Siddhartha Premier Insurance has reached 2.80 billion. The merged entity’s total insurance fund has reached Rs 2.34 billion.   Similarly, the insurance has the total assets worth Rs 10.25 billion while its market capitalization is around 18.23 billion.

The insurance company will be providing its services from 125 branches across the country. The merged entity has issued as many as 4,17,182 insurance policies.