Panama's second-largest insurer, ASSA, will take over all of American International Group's (AIG) operations in four Central American countries, the company announced Oct. 15.
"ASSA [will] move towards its goal of being the leading insurer in Central America by adding business and professional teams of AIG in Guatemala, Honduras, El Salvador and Panama," ASSA Chief Executive Officer Eduardo Fabrega said. “ASSA [will] strengthen its ability to offer insurance products and serve a broader clientele and Central will become the only locally owned insurance group with a presence in every country in Central America."
The move marks a major transition for AIG, which has worked in the Central American insurance market for over 65 years.
“When looking for a partner in Central America, AIG found in ASSA to be a world class player. [Their] deep knowledge of the insurance market in Central America will ensure that customers in the region continue to receive a wide range of products and services,"
James Dwane, CEO and president of AIG for Latin America and the Caribbean, said.
The official closing of the deal is pending approval from authorities in the U.S. and Panama.
The companies have also pledged to cooperate with each other on future business opportunities after this deal is done.
Organizations in this Story
Want to get notified whenever we write about ASSA ?
Next time we write about ASSA, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.Sign-up for Alerts
- New Colombia Resources says Sannabis test was successful
- Grupo Exito aims to help support Colombia
- Codelco CEO calls for transparency, focus on production goals
- BCP offers tips on choosing master's degree program
- General Tire launches new tire for Andean market
- Latin America talks of boosting pork production, exports @CorferiasBogota
- AIR Worldwide team takes part in wind-engineering conference
- El Salvador's Asesuisa discusses risk management, strategic direction with stakeholders
- Grupo Exito buying lettuce locally to support resocialization program
- Endo selling Mexico-based Grupo-Farmaceutico Somar