INS Analyzes Purchase of Nicaraguan Insurer

The National Insurance Institute of Costa Rica is considering the option of buying a domestic company to enter the market in Nicaragua

Tuesday, May 12, 2009

Besides the option of buying a Nicaraguan Insurer to enter the market in that country, the National Insurance Institute (INS) has also analyzed the option of settling directly in Nicaragua through the INS International brand.

A article reported that INS President, Guillermo Constenla, said: "Obviously, if the company is acquired, we would enter the market in this manner, but we can also start from scratch because we are already requesting permits; changing a name is very simple.”

Additionally, "Constenla indicated that he would not talk about entry dates into the Central American market. ‘Given the fact that there are hurdles to be overcome, I am not going to set dates in advance; one never knows when a situation might arise,' he said."

More on this topic

ASSA to Acquire AIG Operations in Central America

October 2015

ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) and American International Group, Inc. (NYSE:AIG) today announced that they have entered into a share purchase agreement under which, ASSA will acquire 100 percent of AIG’s operations in Central America located in El Salvador, Guatemala, Honduras and Panama.

The transaction is subject to regulatory approvals in each country.

Insurance Market in Costa Rica up to March 2014

May 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).

Costa Rica: State Insurance Company Wants to Internationalize

March 2013

The National Insurance Institute will resume this year its plan to expand its operations to the countries of the region, investing $300 million in the process.

The National Insurance Institute (INS by its initials in Spanish) intends to be the majority shareholder or acquire 100% of a company with regional presence, a project suspended in 2009 when the company faced opposition from institutions such as the Comptroller General of the Republic, the Pensions Superintendency and the Attorney General's Office.

"Fast" Insurance in Costa Rica

June 2012

After the fall of the state monopoly on the insurance market, there is still little competition in the insurance ‘auto-expendables’ segment.

Despite losing the monopoly legally, the state run National Insurance Institute (INS) continues to dominate market segments, including "fast" insurance policies known as ‘auto-expendables’ in Spanish.

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