Panama insurance market calm in midst of the crisis

The huge American insurer has interest in the local market via AIG Panama and American Life Insurance Co, a branch of Alico Delaware, whose main holding in the US is owned by AIG.

Wednesday, September 17, 2008

The manager of AIG Panama preferred not to comment on the topic. However, Alico's manager, Mauricio Ruiz, said that when it comes to their company there will be "absolutely" no damage suffered.
"Alico Panama is a company that was formed in this country. All its assets and all its obligations are subjected to the laws of Panama and are supervised by the Insurance Superintendence of Panama," he said.

More on this topic

Alico to Strengthen Presence in Panama

March 2010

The Panamanian branch assures that the sale of Alico to Metlife they enables them to offer more services in the country.

Alico employs 150 employees in the country and provides life, corporate and personal accidents insurance.

“’Our operation will become stronger, and we will sell new products”, assured Mauricio Ruiz, manager of Alico Panamá.

Pan-American Acquires Assets of ALICO in Panama and Costa Rica

November 2011

Through this acquisition, PALIG will increase its already considerable business in Panama and Costa Rica, while expanding its presence in the Caribbean.

In total, the businesses that PALIG are attempting to acquire represent over $125 million in premiums and $675 million in assets, according to 2010 figures.

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

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.

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Phone: (507) 322-1661 - (507) 6671-3920

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