Thimphu (Bhutan), Aug 23 Bhutan's first private insurance company has opened shop here with a promise of providing quality and speedy service to become the country's insurer of choice.

According to a report filed by Chennai Online, except for life insurance, Bhutan Insurance Ltd (BIL) will offer all schemes available with the state-run Royal Insurance Company of Bhutan Ltd (RICBL) at the same premium. These include personal, commercial, industrial and liability insurance.

"We'll speed up the insurance claim process with honesty, sincerity and integrity," said company chairman Ugyen Rinzin, who along with former RICBL employee Tshering Gyaltshen are the promoters.

Each of them own 20 per cent share of the company, established with an initial paid up capital Nu 100 million.

The remaining 60 percent is being raised from the public. The public float has already begun. (ANI)