Union Assurance was founded in 1987 by Aitken Spence, Carson Cumberbatch, Mercantile Credit and Whittall Boustead.

[3] Sri Lankan conglomerate John Keells Holdings acquired 81% shares in Union Assurance in 2009 thus giving them control of the company.

[10][11][12] Market research conducted by the company revealed low levels of saving patterns among Sri Lankans.

The study revealed that Sri Lankans fall behind recommended 10%-15% of gross salary savings.

At the time of his appointment Gomes was the chairman and CEO of Manulife China Bank Life Assurance Corporation in the Philippines.