Panama: Assa Seguros buys Generali for $172 million

The Italian insurer has announced that it has reached an agreement with Assa Compañía de Seguros to sell its business in Panama, where it has been operating since 1970.

Monday, August 7, 2017

From a statement released by Generali Group:

Trieste - The Generali Group has entered into an agreement to sell its business in Panama. The transaction is part of its strategy to optimize its geographical presence, increase operational efficiency and improve capital allocation.

Generali operates in Panama as a Branch since 1970 mainly in the P&C segment. The Group has agreed to the disposal of the assets and liabilities of the Branch, including its insurance portfolio, to ASSA Compañía de Seguros S.A., a leading insurance player in the region, for a consideration of USD172 million, subject to adjustment on closure.

Through ASSA, the Generali Group will remain active in Panama with its international business lines, namely, Generali Employee Benefits, Generali Global Corporate & Commercial and Europ Assistance.

Frédéric de Courtois, Group CEO Global Business Lines & International, commented: “This transaction is another step forward in the rebalancing of Generali Group’s geographical presence across the world. We are making good progress in the optimization of our geographical footprint. We just announced the disposal of Colombia and the transaction of Guatemala and this deal will further help us to achieve our targets and to pursue our strategy to make Generali a simpler and smarter company”.

Antonio Cassio dos Santos, Group Regional Manager for Latin America, explained: “We are executing our plan with discipline with the objective to be more focused and stronger in Latin America”.

The transaction is subject to the approval of the competent authorities.

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More on this topic

Changes in Insurance Market

April 2018

With the acquisition of the Italian insurer Generali, the participation of Assa Compañía de Seguros amounts to almost a quarter of the Panamanian insurance market.

Assa Compañía de Seguros confirmed in recent days that the purchase transaction of the insurance portfolio, other assets and obligations of the Assicurazioni Generali Branch of Panama, for $172 million, was approved by the Italian and Panamanian authorities.

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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.

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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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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.

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