Seguros Assa to Enter Guatemala and Honduras

Grupo Assa de Panamá plans to complete its presence in Central America by opening operations in Honduras and Guatemala.

Wednesday, June 13, 2012

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.

The group now plans to invest in Guatemala and Honduras, while studying further expansion in South America, aiming to become a multinational insurance group said the director, Stanley Motta, to Larepublica.co.

"Right now we're looking [at South America]. There's nothing concrete that we could announce but we are watching the market and possibilities. We definitely want to do something in Guatemala and Honduras, which is a part of Central America we have yet to enter. Towards the south countries are growing and there is a clear policy which helps to activate the market", said Motta.

"Everyone is looking at Latin America as a great opportunity and I agree with that vision", he added.



More on this topic

Panamanian Insurer Enters Colombia

May 2012

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

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.

Colombians Looking to Expand in the Region

May 2012

Panama and El Salvador are seen by Grupo Sura as countries "with political, social and macroeconomic stability" for their expansion projects.

The president of Colombia's Grupo Sura, David Bojanini, said his holding company plans regional procurement in countries that provide economic, political and especially legal security.

Lafise Opens Bogota Office

July 2011

In order to encourage commercial business with Central America, the Lafise group has started operating in Colombia.

The bank has been operating for 26 years with offices in Nicaragua, Mexico, United States, Honduras, Spain, Costa Rica, Guatemala, Venezuela, Panama, El Salvador and the Dominican Republic.

Assa Acquires Metropolitan Insurance Company

January 2011

ASSA Group acquired 98.7% of stock of Metropolitan Insurance Company.

Eduardo Fabregas, Vice President of ASSA Insurance Company of Panama, told media: "With this acquisition, we will provide a serious and responsible service to our clients and brokers, also Metropolitan ASSA will have more resources at their disposal, offering a regional service to clients who do business outside of Nicaragua."

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