Assa Insurance Company Begins Operations in El Salvador

Within their Central American expansion process, the Panamanian insurer started operations in the Salvadoran Market.

Thursday, July 23, 2009

On July 16th, the Superintendence of the Financial System authorized the operation of two Assa subsidiaries: "Seguros La Hipotecaria" and "Seguros La Hipotecaria de Vida". The first one will market general insurance, while the other will sell life insurance.

Eduardo Fábrega, Assa's CEO, told newspaper Prensa.com about their plans: "we will start in the mortgage market, specifically in life and fire collective insurance, and keeping focus on this niche, we will gradually add the whole spectrum of insurance products."

More on this topic

Panamanian Insurer Enters Colombia

May 2012

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

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 Gets Foothold in the Region

May 2011

In 2010 the insurance company's profits grew by 24% in 2009.

The regional growth strategy established five years ago has yielded great results. The significant increase in income is due, in large part, to the company’s operations in Panama, Costa Rica, Nicaragua and El Salvador.

Insurer Assa Authorized to Operate in Costa Rica

November 2009

"ASSA Compañía de Seguros" was authorized to sell individual and general insurance.

The Panamanian company had submitted its request to operate in Costa Rica back in July 22nd.

From Elfinancierocr.com: "A number of final requirements are still pending, like making a minimum operational deposit in the Central Bank, explained Insurance Superintendent Javier Cascante".

"Aseguradora Assa" to Operate in Costa Rica

August 2009

On July 22, the Panamanian Insurer made a formal request before the Insurance Superintendence to operate in the country.

The company requested authorization to operate an insurance company with mixed license, reported Eduardo Fábrega, manager of Assa Insurance Company.

"Fábrega didn't give details on which type of insurance they will focus on initially.

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