Eastland Insurance marks 25 years of achievements
Mahbubur Rahman, chairman of Eastland Insurance, cuts a cake at a programme to celebrate the insurer's 25th anniversary at Bangabandhu International Conference Centre in Dhaka on Saturday. Photo: Eastland Insurance
Eastland Insurance, one of the first-generation private sector general insurers, celebrated 25 years of its achievements on Saturday.
A reception and cultural programme were organised at Bangabandhu International Conference Centre in Dhaka, Eastland said in a statement yesterday.
Commerce Minister Faruk Khan, former chief justices, ambassadors, business leaders, diplomats, clients and shareholders joined the celebration.
Eastland started its journey on November 5, 1986. It is rated as an 'AA-' for its “financial and technical performance, sound solvency, diversified investment portfolios, good re-insurance arrangement with foreign re-insurers and top management”.
When the private sector was allowed to start insurance in 1985, strong supervisory and regulatory authority was not in place, resulting in irregular practices, said Eastland Chairman Mahbubur Rahman, also the president of International Chamber of Commerce-Bangladesh.
Rahman mentioned that the total asset of Eastland is over Tk 1,250 million having investment portfolio of Tk 909 million and reserve base of about Tk 621 million.
Khan said the government has taken a series of steps since it came into power for streamlining the insurance industry, including the formation of Insurance Development and Regulatory Authority in 2010.
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