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.
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