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Jan 17, 2018 @ 16:58

PhilRealty selling stake in non-life insurance unit


Philippine Realty and Holdings Corp. is selling close to 30 percent stake in Meridian Assurance Corp.

In a disclosure to the stock exchange, PhilRealty said its board approved the sale of the firm’s 749,999 shares in Meridian.

Meridian is duly-licensed by the Insurance Commission to underwrite fire, marine, casualty and surety risks.

Philrealty took over Meridian from the Lozano-Ramirez group in August 1994.

Meridian has been an active player in the local insurance industry since it was organized in 1960.

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