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.
Grupo Assa de Panamá plans to complete its presence in Central America by opening operations in Honduras and Guatemala.
Fitch estimates that premiums in the region should grow measuredly, with the greatest dynamism seen in Costa Rica, the second insurance market in the region.
Best Meridian Insurance Company (BMI) has entered the market by acquiring the license to operate from Aseguradora Mundial-Colectivos Empresariales.
Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.
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