History
New Zealand Insurance Life (Bermuda) Limited was acquired and renamed Top Glory Insurance Company (Bermuda) Limited (TGI) in 1994. In the same year Pacific Century Group became the major shareholder of TGI. The name was changed again in 1999 into Pacific Century Insurance. In July of the same year the Pacific Century Insurance Holdings Limited (PCIHL) was listed on The Stock Exchange of Hong Kong Limited. Pacific Century Insurance Company Limited (PCI) became the subsidiary operating life insurance and other insurance businesses.
On 26 February 2007, the share price of PCI surged 11% before the trading was suspended pending price-sensitive announcement. Three days later, the Belgian and Dutch based Fortis group announced to acquire 50.48% stake in PCI in order to expand into Asia market.
In March 2008, IDBI Bank entered into a joint venture with Federal Bank and Fortis Insurance International to form IDBI Fortis Life Insurance, of which IDBI Bank owns 48 percent. The company ended the year with over 300 Cr in premiums as on 31 March 2009.
Read more about this topic: Fortis Insurance Asia
Famous quotes containing the word history:
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)
“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)