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.

Prensa.com 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.

Source: Prensa.com

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