Seguros SURA Merges Operations with RSA in Colombia
Today the aforementioned entities have formed a single insurance company, now known as Seguros Generales Suramericana (Seguros SURA), thus consolidating SURA´s leading position on the Colombian market. The many benefits that this merger represents for users and the Colombian market alike include an extended portfolio and service network, as well as 100% coverage of the entire country. Medellín. August 01, 2016 - After announcing the completion of the acquisition of the insurance operations formerly belonging to Royal & Sun Alliance –RSA– in Latin America on the part of Suramericana S.A. (Grupo SURA´s subsidiary specializing in insurance and risk and trend management), today the insurance operations of Seguros SURA have been merged by absorption with those of RSA in Colombia, to form a single insurance company in Colombia under the Seguros SURA brand. This merger will provide the country with a much broader service platform, thus consolidating its portfolio of services and offering a more comprehensive coverage throughout the length and breadth of Colombia, as well as providing pan-regional assistance to its clients, thanks to Suramerciana S.A.´s multi-Latin presence This shall allow this newly merged company to harness the knowledge and expertise that both of the aforementioned entities bring to the table. Likewise, Seguros SURA shall be extending its service network to include a total of 82 branch offices national level, 3,601 direct client care staff, 1.588 insurance brokers and agencies, 696 bancassurance offices and 447 large retail stores. According to Juan David Escobar, Chief Executive Officer of Seguros SURA Colombia “Throughout this merger process, besides considering the benefits for our clients, one of our priorities was to guarantee that the existing human talent was retained, since this is clearly one of our greatest strengths as a company, thus allowing us to continue to position ourselves on the market as a leading insurance and trend/risk management company ensuring the well-being and competitiveness of both private individuals and organizations alike. We are fully aware that we have the best staff possible to face the challenges and opportunities arising with this new step forward for the Company". Seguros SURA Colombia (excluding its social security companies EPS SURA (Healthcare) and ARL (Worker´s Compensation) now provides its services to a total of 6.2 million clients with the help of more than 2,800 employees. The Company’s revenues now reach COP 4.6 billion, the bulk of which corresponds to health insurance with 15.6% share of the total followed by car insurance with 15.0%, Group Life with 12.7% and Individual Life with 12.5% * Figures reported at year-end 2015 About Suramericana S.A. With over 70 years of experience, Suramericana S.A. is a specialized insurance and risk/trend management company, whose shareholders are Grupo SURA (with a 81.1% stake) and the German reinsurance firm, Munich Re (with the remaining 18.9%). It provides its clients with the SURA brand of comprehensive insurance and risk/trend management solutions. Suramericana is now operating in a total of 9 countries in Latin America (Colombia, Chile, Mexico, Argentina, Brazil, Uruguay, Panama, Dominican Republic and El Salvador), reaching a total of 17 million clients.