LAHORE-TPL Insurance Limited, a leading non-life insurance provider in Pakistan, Tuesday announced its Board of Directors’ approval of a draft Scheme of Arrangement under Section 279 to Section 282 and Section 285 of the Companies Act, 2017.
The scheme outlines the acquisition of the assets and liabilities of the Pakistani branch of New Hampshire Insurance Company (NHIC). Upon approval by the High Court of Pakistan, the Scheme of Arrangement will facilitate the seamless transfer of NHIC’s assets and liabilities to TPL Insurance. The successful completion of the transaction is subject to obtaining all necessary regulatory approvals, including the Securities and Exchange Commission of Pakistan’s endorsement. TPL Insurance Limited is a renowned non-life insurance company in Pakistan, renowned for its track record of growth and profitability. With a diverse portfolio of insurance products, including motor, fire, marine, travel, and health insurance, TPL Insurance has firmly established itself as a trusted partner in the insurance and insurtech industry. The completion of the NHIC acquisition is anticipated to take place by December 31, 2023.
TPL Insurance Limited is the first company in Pakistan to sell General Insurance and Takaful products directly to consumers. Since its launch in 2005, the company has grown from strength to strength and is now the leading Insurtech player in Pakistan. TPL Insurance Limited specializes in tech-driven innovative solutions and digitally integrated systems to provide hassle-free customer experiences and round-the-clock services to 300K+ customers. As an AA rated insurer, TPL Insurance Limited is committed to developing Commercial and Personal line portfolios by exploring new channels, expanding existing relationships, and maintaining higher-risk retentions.