Panamanian Insurer Enters Colombia

Grupo Assa is the largest shareholder of Cardinal Insurance, a company that began operations in Colombia offering compliance, guarantees and legal liability policies.

Friday, May 18, 2012

Grupo Assa of Panama has entered the insurance market in Colombia under the banner of Cardinal Insurance, after a successful expansion in Costa Rica, El Salvador and Nicaragua.

Prensa.com reports that the official launch of Cardinal Insurance was made last week but it had already started operations on 4 February. In the first three months of operations it has issued guarantees for contracts worth $100 million. At the end of April the amount of compliance premiums sold totalled $1.35 billion .

The group already has a presence in the Colombian financial system with the La Hipotecaria bank. It is currently awaiting approval from the Superintendent of Financial Institutions to open a finance company.

More on this topic

Seguros Assa to Enter Guatemala and Honduras

June 2012

Grupo Assa de Panamá plans to complete its presence in Central America by opening operations in Honduras and Guatemala.

Panama's Grupo Assa is currently doing business in Panama, Costa Rica, Nicaragua and El Salvador, and has recently, entered the insurance market in Colombia with 40% stake in Cardinal Seguros.

New Insurer Enters Guatemalan Market

June 2011

Best Meridian Insurance Company (BMI) has entered the market by acquiring the license to operate from Aseguradora Mundial-Colectivos Empresariales.

BMI, is a company dedicated to the health, life, disability and financial services insurance and has a $7 billion portfolio of over 200 thousand customers.

Bolivar Insurance Enters Costa Rica

May 2010

The insurer is owned by a Panamanian company called “Riesgo e Inversiones Bolivar S.A.”, a member of corporate group “Grupo Empresarial Bolivar”.

Called “Seguros Bolívar Aseguradora Mixta S.A.”, the company will offer individual and general insurance, and could become the eight insurer authorized to operate in the country.

Changes in Nicaraguan Insurance Market

May 2013

Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.

The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector.

 close (x)

Receive more news about Insurance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Company Division for Sale

We are a Logistics Provider in San Jose, Costa Rica with a wide range of services within the Logistics arena.
We're interested to sell one of our divisions, with good...

Stock Indexes

(Apr 17)
Dow Jones
-0.10%
S&P 500
0.14%
Nasdaq
0.23%

Commodities

(Apr 17)
Brent Crude Oil
109.16
Coffee "C"
204.1
Gold
1,294
Silver
19.596