Panamanians Buy Insurance Company in Costa Rica

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.

Thursday, June 8, 2017

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

Istmo Compañía de Reaseguros, which until recently owned 76% of the shares of Adisa Costa Rica, was taken over by the Superintendency of Insurance of Panama in December last year for not having the required assets, among other breaches.

From a statement issued by the Superintendency of Banks in Panama:

The Superintendency of Insurance and Reinsurance of Panama wishes to make the Public aware that within the Forced Liquidation Process initiated on ISTMO COMPAÑÍA DE REASEGUROS INC, the sale has been finalised of 76% of the capital stock of ASEGURADORA DEL ISTMO, S.A. "ADISA Costa Rica", one of the assets of the reinsurer in liquidation.  

"ADISA Costa Rica", has been acquired by COMPAÑÍA INTERNACIONAL DE SEGUROS, SA, a Panamanian insurance company with a trajectory of more than 105 years and that has license to operate in Panama in general branches, bonds and life insurance. This transaction is subject to notification by the Costa Rican authorities.  

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More on this topic

Panamanian Insurer Has New Owner

June 2017

A transfer has been authorized to Acerta Holdings of 75% of the share capital of Aseguradora del Istmo, which was taken over by the Superintendence of Insurance at the beginning of the year.

From a statement issued by the Superintendent of Banks:

Panama: Aseguradora del Istmo Taken Over

February 2017

The Superintendency has taken administrative and operational control of Aseguradora del Istmo S.A., due to a number of deficiencies identified in the operation of the company.

From an announcement by the Superintendency of Insurance and Reinsurance: 

Costa Rica: Insurance Market up to March 2015

May 2015

The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.

In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.

Adisa Insurer To Operate in Costa Rica

May 2010

The new insurance company was born as a result of the merger of “QBE del Istmo” Reinsurance Company and “Cooperativa Nacional de Educadores” (Coopenae).

“Aseguradora del Istmo Adisa SA” was authorized by the Costa Rican Insurance Superintendence to sell individual health and life insurance in the country.

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