Shareholder Mitsui Sumitomo Rep. appointed to Ceylinco Insurance Board

Monday, 4 June 2018 00:00 - - {{hitsCtrl.values.hits}}

Ceylinco Insurance Plc has announced the appointment of Mitsui Sumitomo Insurance Advisor East Asia and India Division Yu Kitai to the Board as a Non-Executive Director.

Mitsui Sumitomo holds 11.66% stake in Ceylinco Insurance.

Kitai’s appointment follows the resignation of Independent, Non-Executive Director Gen. C.S. Weerasooriya.

Mitsui Sumitomo has been a shareholder in Ceylinco Insurance since mid-2015, originally with a 6% stake. Global Rubber Industries Ltd., Global Sea Foods Ltd. and its Managing Director Prabash Subasinghe is the biggest shareholder with a collective stake of 30% but doesn’t enjoy a Board seat.

Kitai is an insurance industry veteran having previously been Senior General Manager, Head of M&A for the India and Indonesia Life Insurance Business of Mitsui Sumitomo Asian Life Insurance Business Division, Director, Executive Vice President Mitsui Sumitomo Seguros S.A. Brazil, Deputy General Manager Mitsui Sumitomo Insurance Nagoya Corporate Business and Manager Osaka Corporate Business Department 1.

He has also worked as Director Marketing at PT Asuransi Mitsui Marine Indonesia, Director American Appraisal Japan Inc, Director Cholamandalam MS General Insurance India and Director Marketing at Sinarmas MSIG Life, Indonesia.

With the latest appointment the Board of Ceylinco Insurance Plc comprises Godwin Perera (Chairman), Ajit Gunawardena (Managing Director/CEO General Insurance), R. Renganathan (Managing Director/CEO Life Insurance), H.D.K.P. Alwis, W.C.J. Alwis, P.D.M. Cooray, P.A. Jayawardena, N.D. Nugawela, T.N.M. Peiris, E.T.L. Ranasinghe, D.W.P. Upali, K. Dharmawardena, D.H.J. Gunawardena, S.R. Abeynayake, S.H.J. Weerasuriya and Y. Kitai.