Posted on 2017-03-22
Panamanian insurance company ASSA announced Friday that it has completed the acquisition of AIG's Central American operations as a result of the closing of the purchase of the capital stock of AIG Seguros Guatemala S.A. ("AIG Guatemala") and its branch in Honduras ("AIG Honduras").
The process was originally announced on October 15, 2015, ASSA agreed to acquire 100% of American International Group, Inc.'s insurance operations in Panama, El Salvador, Guatemala and Honduras. And each of the countries was closing in different dates as the process of purchase of the insurance business in Panama and El Salvador on August 1, 2016 and October 24, 2016, respectively. Subsequently, on November 1, 2016, the operation of ASSA in Panama absorbed AIG Seguros Panamá, S.A. by merger.
In a press release the company reported that ASSA plans to consolidate its business in El Salvador through the merger by absorption of the two companies that make up AIG El Salvador by the two subsidiaries of ASSA in El Salvador.
During a transition period, AIG Guatemala and AIG Honduras will continue to operate under the "AIG" brand until the corresponding authorities in each country approve the change and introduction of the "ASSA" brand in those markets to replace the "AIG" brand. In addition, subject to the corresponding governmental approvals, ASSA will seek to convert AIG Honduras into a fully owned subsidiary in order to enable it to develop its business potential in Honduras. The closing of the acquisition of AIG Guatemala and AIG Honduras will add the best of the strengths that ASSA has developed in the region and that AIG built from 1966 in Guatemala and 1958 in Honduras for the benefit of its clientele, brokers and employees.
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