Top notch experience for Asian Alliance Insurance Board

Asian Alliance Insurance PLC announced the appointments of Jatin Mukhi and Johannes Richters to the Board of Directors of the company. The appointments follow the entry of DEG – Deutsche Investitions Und Entwicklungsgesellschaft MBH of Germany and FMO – Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. of Netherlands as shareholders of Asian Alliance.

DEG and FMO each own 19% of the company, jointly making up 38% ownership by development finance institutions. Both institutions are rated AAA and carry impeccable credentials that are orientated towards sustainable development.

Jatin Mukhi is an insurance specialist who has spent the whole of his working career in the industry counting over 35 years of experience, of which 14 years have been in Asia. He understands all facets of insurance and has vast knowledge in key areas ranging from operations, pricing, marketing, distribution and general management.

He has held senior positions in the industry including a rewarding stint with Zurich Japan where his leadership propelled the channel to number two in that market, growing premium income from US$ 50 million to US$ 800 million.

He is highly skilled and has advised Asian insurance companies in Thailand, Malaysia, Indonesia and Vietnam, from setting up green-field operations, to enhancing the performance of existing companies. He currently serves as a Board Member of Mansard Insurance Pty Ltd. in Nigeria as well as Asia Insurance 1950 Public Limited in Thailand. He holds a Master of Business Administration from the University of Technology Sydney and is an Associate of the Australian Insurance Institute.

Johannes Richters is a highly versatile insurance personality who has held senior positions in the industry having initially been Managing Director of PT Maskapi Asuransi Nasuha, JV of Nationale-Nederlanden in Indonesia and CEO/GM of the group’s Korean operations. He then moved to ING and spent 15 illustrious years with the group holding several key positions that included Chairman of the Board ING Fatum, Executive Vice President ING North America, Chairman/CEO ING Mexico and Managing Director/CEO ING Argentina.

He has successfully completed and driven diverse mandates that include setting up from scratch the first European life insurance company in the Republic of Korea, turning around of the group’s business in the Caribbean, setting up Greenfield operations in Mexico, negotiating a joint venture with the country’s largest financial services group, and starting up bancassurance business, in addition to many such key mandates. He holds a Masters degree in law from the Free University of Amsterdam.

Headquartered in Cologne, Germany, DEG is a subsidiary of KfW, one of the largest European development finance institutions for long-term project and company financing. For 50 years, DEG has been financing and structuring the investments of companies in developing and transition countries in order to contribute to sustainable progress.

Headquartered at The Hague in the Netherlands, FMO is the Dutch development bank that finances companies, projects and financial institutions from developing and emerging markets. It believes that entrepreneurship is vital to create sustainable economic growth and to improve quality of life, and it focuses on sectors where the contribution can have the highest long-term impact such as financial institutions, energy and agribusiness and food and water.

Asian Alliance Insurance is a composite insurer that is licensed by the Insurance Board of Sri Lanka (IBSL) to undertake both Life and General Insurance business. The company has taken great strides forward since it became part of the Softlogic Group during the latter part of 2011.

The company has a well-developed Life business that has performed exceptionally well and has been ranked amongst the top five players in the industry as at September 2012. The company is formulating a comprehensive General Insurance strategy that will be complemented by other sectors of the Softlogic Group.

Asian Alliance Insurance is part of the Softlogic Group, one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in healthcare, retail, ICT, leisure, automobiles and financial services. Softlogic Finance is rated BBB-/P3 rating from RAM Ratings with a stable outlook.