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. 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.

Outlook for Central American Insurance Industry in 2013

January 2013

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.

A statement from Fitch Ratings reads:

Fitch Publishes 2013 Prospects for the Insurance Sector in Central America.

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.

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.

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