Company Profile Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
New Company Enters Costa Rican Insurance MarketThursday, September 9, 2010 The regulator (abbreviated SUGESE in Spanish) has given authorization for Best Meridian Insurance Company (BMI) to begin operations. The US insurer is the tenth to be granted authorization to enter the Costa Rican market and specializes in personal insurance such as health, life and incapacity policies. Pan American Life Authorized to Operate in Costa RicaWednesday, March 3, 2010 Pan American Life Insurance Costa Rica S.A. was authorized to operate by Sugese, the Insurance Superintendence. The insurance company requested authorization on September 2009, and has now become the sixth to enter the Costa Rican market. Pan-American Acquires Assets of ALICO in Panama and Costa RicaFriday, November 11, 2011 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. American Life Insurance in Costa RicaMonday, August 17, 2009 The multinational company American Life Insurance is the third foreign insurer interested in operating in Costa Rica. Alico, a subsidiary of American International Group (AIG), began the process for obtaining authorization to operate in the local insurance market. Pan American Life To Sell Insurance in Costa RicaThursday, June 24, 2010 Pan American Life Insurance was finally authorized by the Insurance Superintendence to operate in the country. The company will sell individual life and health insurance, as well as group life, accident and health insurance. One of its core products is a policy for large medical costs, which will allow individuals to get expensive health care both in Costa Rica and abroad. ASI Insurer Would Enter Costa RicaMonday, September 14, 2009 Puerto Rican Atlantic Southern Insurance Company (ASI), started the procedures to operate in the country. The company plans to market life, accident and health insurance for working class clients. Asico Authorized to Operate in Costa RicaWednesday, December 15, 2010 The Superintendence of Insurance (SUG) announced the approval of the branch of the insurance company. Atlantic Southern Insurance Company (ASIC) joins ten insurance companies which are already authorized by SUG. INS Not Able to Develop Alliance with Foreign Insurance CompaniesMonday, February 16, 2009 The National Institute of Insurance of Costa Rica was not successful in formalizing an alliance with the businesses Alico and Pan-American Life to initiate a line of personal insurance. Mercedes Agüero, in her article in Nacion.com, writes: "As a coalition of these companies, INS attempted to start a line of personal insurance, especially for life and medical expenses—an untapped niche market due to the 84-year state monopoly." Pan American Life To Operate in Costa RicaThursday, October 1, 2009 Insurer Pan American Life Insurance Group (Palig), submitted a request to operate in the country. Its President, José Suquet, announced the company's interest in commercializing individual and collective life insurance, as well as accident and health insurance, while staying out of vehicle and disaster insurance. Pan-American Life Starts Operations in Costa RicaWednesday, July 21, 2010 The insurer will launch a strong campaign to enter the market, looking to create demand for its services. Eugenio Magdalena, executive vice president of International Markets at Pan-American, remarked that the company will provide individual insurance, focusing on life, health and accident policies. lnsurance Market After PrivatizationMonday, February 27, 2012 In Costa Rica private insurers have come into the market, primarily selling life and car insurance, with customers seeing lower rates. Although the National Institute of Insurance (INS) remains the undisputed market leader, private insurers are gradually gaining ground, particularly in the areas of auto and life policies. Costa Rica: State Insurer Loses Market ShareFriday, August 25, 2017 For the first time since the opening of the insurance market, the National Insurance Institute has lost its dominance in the health insurance segment, which is now led by Pan American Life Insurance. The insurance company Pan American Life Insurance took 40% of the revenues generated by sales of medical insurance policies at the end of June this year. According to data from the Insurance Superintendency, Instituto Nacional de Seguros (INS) "... accounted for 38% of the business (¢16,935 million), followed by Aseguradora del Istmo (Adisa) with 6%." Costa Rican Insurance Market Starts To MoveMonday, March 15, 2010 The insurance companies authorized to operate in the country have made combined guarantee deposits for $33 million. These deposit vary from insurer to insurer, depending on the range of products they intend to offer. |
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