The Creation of Ceylincostella Insurance Company owes for several decades. In 1977 by late Chooramun Jhoboo, a pioneer in the insurance business of the country established the company by the name of Stella Insurance Company LTD. Mr Jhoboo and the promoters of the company had come to realize that the existing structure of the industry were not responding effectively enough to the economic and social transformation of the country.

Starting with General Business in 1977, Stella drew a highly positive response and two years later entered in the Life Insurance business as well. Ever since, Stella has registered a sustained growth in the ever-changing environment of the country, always ready to meet new commitments.
The company started its operations in a small office and managed to move into a more spaces office of its own in St. Port Louis, the capital city of the country within a short span of time.
 
2002 is a landmark year in the history of  Stella Insurance Company. Ceylinco Insurance Co Ltd. , a member of Sri Lanka's largest financial conglomerate has teamed up with stella Insurance co. to form CEYLINCOSTELLA INSURANCE CO LTD . In Sri Lanka Ceylinco conglomerate  has the largest private insurance company, largest finance company, one of the most dynamic banks, the first private savings bank , a merchant bank, a development bank, and six finance companies under its umbrella with over 100 other companies engaged in diversified business activities.

Ceylincostella Insurance Co. will inherit a wealth of experience and expertise through the new alliance. Insurance products will be introduced catering to varying customer needs, products to different customer segments, personal products for people of all walks of life including women, children , packaged policies with huge price advantage to customers.