Seguros SURA is extending its operations in Colombia with the acquisition of RSA’s local insurance business
After receiving due authorization from the regulatory authorities in Colombia, Suramericana S.A. has completed the formalities required to take over the newly acquired RSA operation in this country. Now the official go-ahead has been given, we are now proceeding to merge this newly acquired business with Seguros Generales Suramericana S.A. (Seguros SURA), which is a subsidiary of Suramericana S.A. in Colombia. With regard to the acquisition of RSA´s Latin American operations, we are still awaiting official authorization from the regulators in Mexico, Chile, Uruguay and Argentina. The Company recently took over the RSA operation in Brazil. Medellin, March 31, 2016 - Suramericana S.A., Grupo SURA´s subsidiary specializing in insurance as well as risk and trend management , successfully completed the formalities required by the corresponding authorities in Colombia thereby giving rise to the transfer of the corresponding shares held in Royal & Sun Alliance Seguros (Colombia) S.A.to Suramericana S.A.. Now that this acquisition has been given the official go-ahead, the Company shall request authorization for merging the RSA business in Colombia with Seguros Generales Suramericana (Seguros SURA), which is expected to go through within the next six months. " We are very pleased to have completed this acquisition which is providing both challenges and opportunities. We are well aware of RSA´s operating excellence in Colombia, its talented staff who shall be joining us and what all of this represents for Seguros Sura in continuing to position ourselves as an insurance company that provides well-being and greater competitiveness" stated Gonzalo Alberto Pérez, Chief Executive Officer of Suramericana S.A. With this acquisition, the Company continues to make substantial strides with its expansion strategy, the aim of which is to consolidate its portfolio of insurance and risk/trend management solutions as well as harness the synergies now available in terms of knowledge and business practices. SURA Seguros in Colombia has taken over almost one million clients that formerly belonged to RSA, who shall now enjoy the support and strength of the SURA brand. Once the official go-ahead is given in all the corresponding countries, Suramericana S.A. shall be attending a total of 15.7 million clients in Colombia, Chile, Mexico, Argentina, Brazil, Uruguay, Panama, El Salvador and the Dominican Republic. Besides extending its geographical presence, this acquisition shall expand the Company´s growth potential since it shall then have access to 71% of the Latin American population and allow for a regional platform to be set up so as to provide support and assistance to all its clients in being able to comprehensively handle trends and risks. In Colombia, the Suramericana subsidiaries obtained a 23.8% share of the local insurance market at year-end 2015, thus remaining in No. 1 position. About Suramericana S.A. With over 70 years of experience, Suramericana S.A. is the leading insurance and risk management company in Colombia and Central America, with a total of 10 million clients. It recently signed an agreement to acquire RSA´s operations in Latin America, through which it shall obtain another 5.6 million clients in Mexico, Chile, Argentina, Brazil, Uruguay and Colombia. This Company, whose shareholders are Grupo SURA (with a 81.1% stake) as well as the German reinsurance firm, Munich Re, with the remaining 18.9%, provides its clients with the SURA brand of property and casualty, life as well as workers´ compensation insurance as well as mandatory and complementary health plans, among others.