Panamanian Insurer Enters Colombia

Grupo Assa is the largest shareholder of Cardinal Insurance, a company that began operations in Colombia offering compliance, guarantees and legal liability policies.

Friday, May 18, 2012

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. 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.

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