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Sri Lanka: Union Assurance to sell 78% of general insurance unit to Fairfax Asia

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Sri Lanka's Union Assurance P.L.C. is set to sell 78% of its general insurance business worth 4.5 billion Sri Lankan rupees ($34.5 million) to Fairfax Asia Ltd., the Asian subsidiary of Canada's Fairfax Financial Holdings P.L.C.

All composite insurers operating in Sri Lanka are required to segregate life and general insurance business, Lanka Business Online reported.

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