United Ins to raise paid-up capital

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United Insurance Company Limited held its 17th branch managers' conference in the city recently, says a press release.
Chairman of the company M Moyeedul Islam inaugurated the day-long conference while Managing Director of the company Syed Shahriyar Ahsan presided over it.
Director of Corporate Affairs of the company Syed Aziz Ahmad and all branch managers and other senior executives were also present.
In view of the sharp increase of the paid-up capital envisaged in the proposed new insurance act, board of directors proposed to increase the paid-up capital from Tk 100 million (10 crore) to Tk. 250 million.
Moyeedul said that in spite of the unhealthy environment prevailing in the industry, the company succeeded in achieving the target in 2008.
He said that in terms of the net profit earned and increased reserves for exceptional losses their position was quite satisfactory. Because of the high claim paying ability and sound management, the company has been rated "A" by a rating agency.