Fairfirst Insurance Limited (formerly Union Assurance General Limited)  became a subsidiary of Fairfax on January 1, 2015. Based in Colombo, Sri Lanka, the company is a private provider of general insurance solutions. In 2021, Fairfirst Insurance Limited's net written premiums were LKR 6.3 billion. At year-end, the company had shareholders’ equity of LKR 7.7 billion (approximately LKR 198.43 = US$1) and there were approximately 954 employees.

Fairfirst Insurance Limited is led by Chief Executive Officer, Mr. Sandeep Gopal.