El Salvador: Suramericana authorized to buy Asesuisa

The Superintendency of the Financial System in El Salvador (SSF), has authorized the company Suramericana SA to buy insurer Aseguradora Suiza Salvadoreña S.A. (Asesuisa).

Wednesday, October 3, 2012

The purchase of the leading insurer Aseguradora Suiza Salvadoreña S.A. by Suramericana SA was announced last year in 2011, but has been awaiting authorization from the competent authorities.

"This strategy has allowed Suramericana to have insurance operations in the Dominican Republic, Panama and El Salvador, as well as Colombia, its country of origin and where the company is the market leader." We are very pleased to assume ownership of the orientation of Asesuisa and move forward in our growth strategy in the Latin American market", said Gonzalo Alberto Perez, president of Suramericana.

The company is convinced that the insurance is a key factor in supporting the development of the country, and in that sense believes that in El Salvador there is potential for the sector’s development", reports Elsalvador.com.

¿Busca soluciones de inteligencia comercial para su empresa?



More on this topic

Insurance Merger Authorized

June 2012

The Competition Superintendence in El Salvador has approved a merger between Seguros Suramericana, S. A. and Aseguradora Suiza Salvadoreña, S. A.

A statement from the Competition Superintendence in El Salvador reads:

SC allows merger between insurers ASESUISA y Suramericana

Nicaragua: Legal Challenge to Commercial Poultry Farming Merger

April 2011

The challenge seeks to reverse authorization given for the US company Cargill to take over Pipasa.

Nicaragua's institute for protecting consumer rights presented the challenge, arguing that if the merger goes ahead, the resulting company will control 61% of the Nicaraguan poultry market, enabling it to undercut its competitors and force them out of the market, after which nothing would stop it from increasing prices at will.

Suramericana Purchases Insurers in El Salvador

November 2010

Before the end of the year the company expects to close the purchase of Asesuisa y Asesuisa Vida and pension fund manager AFP Crecer.

This was informed by company CFO, Andrew Bernal, to Bnamericas.com.

"Suramericana will acquire AFP Crecer through its unit AFP Proteccion, the second largest manager of private pension funds in Colombia."

"Seguros Suramericana" Presented in Panama

August 2009

"Interoceánica de Seguros", an insurance company, launched a new corporate identity, and is now called "Seguros Suramericana".

"Interoceánica de Seguros" has been a property of Colombian group "Grupo de Inversiones Suramericana" for the past 11 years.

"The insurer's strengths in Panama are the vehicle and life insurance markets, with a 11.9% and 6.9% share respectively", said Salvador Morales Baca, general manager of Seguros Suramericana in Panama.

ok