Kathmandu. On 27th Baisakh, IME General and Prudential Insurance Company merged and started integrated business under the name of IGI Prudential Insurance. After the merger, IME General Insurance got both the chairman and CEO of the company. Hemraj Dhakal became the president of the new company and Yugesh Bhakta Bade Shrestha was appointed as the CEO.
Former Prudential Insurance CEO Shravan Rawal became Senior Deputy Chief Executive Officer (Sr. DCEO). However, Rawal left the company less than a month after the IGI Prudential Insurance merger. After resigning as the senior DCEO of the company, he is currently working as the CEO of United Ajod Insurance.
On the 29th of February, Sagarmatha Insurance and Lumbini General Insurance merged with each other and did integrated business under the name of Sagarmatha Lumbini Insurance Company Limited (Salico). After the merger, CEO Chunky Chhetri was appointed as CEO of Savik Sagarmatha Insurance Company. However, after the merger, Noor Prakash Pradhan, who was the former CEO of Lumbini General Insurance, left.
Similarly, Siddharth Insurance and Premier Insurance also merged with each other on February 17 and became an integrated business under the name of Siddharth Premier Insurance. After the merger, Birendra Baidwar Chhetri from Savik Siddharth Insurance was appointed as the CEO of the company. While the merger process of the two companies was going on, the former CEO of Premier Insurance, Vishwaram Timila, resigned and left.
Gurans Life Insurance, Prime Life Insurance and Union Life Insurance merged on 26th Baisakh. Himalayan Life Insurance was formed after the merger of three companies considered as the big merger in the life insurance sector. Manoj Kumar Lal Karn was appointed as the Chief Executive Officer of Himalayan Life, which was born as a new company. He was formerly the CEO of Union Life Insurance. However, after the merger, former Gurans Life CEO Bipin Kumar Lal Karna and Prime Life CEO Nirmal Kumar Dahal resigned.
Sanima Life and Reliance Life Insurance merged and started the integrated business under the name of Sanima Reliance Life on March 9th. After the merger, the CEO of the company was brought in from outside. After the merger, Shivnath Pandey was appointed as the CEO of the company, while former Reliance CEO Rakesh Pokharel became the DCEO. However, former Sanima Life Chief Executive Officer Agam Mukhia has decided to quit his job. According to sources, the resignation given by Mukhiya is yet to be accepted and he is currently working as a senior DCEO.