Panama: Bank Buys Insurance Company

The purchase of Optima Insurance Company by Capital Bank was confirmed by executives of the insurance firm and now the only thing pending is the formal approval of the Insurance and Reinsurance Regulator.

Tuesday, October 28, 2014

Prior to purchase, 10% of the insurance company was in the hands of Capital Bank, which has now become the sole owner of the insurance firm, which up to September 2014 managed premiums totaling $20 million.

Carlos Tribaldos, CEO of Optima Insurance Company, told Capital.com.pa that "... One of the objectives of the bank was to gain a greater share percentage, in order to expand its range of financial services."

Tribaldos said that "... The insurance company will keep the same business strategy, only that it will venture into the field of individual life policies starting next year."



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.

Panamanians Buy Insurance Company in Costa Rica

June 2017

Seventy-six percent of the capital stock of Adisa Costa Rica, hitherto owned by Istmo Compañía de Reaseguros, has been purchased by Compañía Internacional de Seguros.

The remaining 24% of the shares of the company Aseguradora del Istmo S.A. remains in the hands of the Costa Rican cooperative Coopenae. 

Honduran Group Buys Insurance Company from Citi El Salvador

May 2015

Atlantis Group is negotiating with Citigroup to acquire the insurer SISA and the consumer banking portfolio in El Salvador, where it will seek to operate a management and stock brokerage fund.

The group, from Honduras, has operated in El Salvador since it bought Citigroup's 75% stake in the pension fund manager AFP Confia.

Grupo Sura Buys Panamanian Insurer

February 2015

The Colombian company signed an agreement to acquire the shares of Insurance Banistmo, whose participation in the Panamanian market is 8%.

From a statement issued by Grupo Sura:

Suramericana SA, a subsidiary of SURA Group which specializes in the industry for insurance, health and occupational hazards, signed a contract for the acquisition of Insurance Banistmo, which, once the relevant authorizations have been obtained, will allow the Company to consolidate its presence in the Central American market, adding this operation to Seguros SURA Panama.

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