Suramericana S.A. has begun to operate in Chile with its newly acquired subsidiary, Seguros SURA
After receiving due authorization from the Chilean Superintendency of Securities and Insurance, Suramericana S.A. has now completed its acquisition of the former RSA operations in Chile, having taken over this subsidiary on April 29. Both members of the senior management team as well as the rest of the staff in Chile have been retained in their current positions, continuing with the same structure as before. Santiago, May 3, 2016 - Suramericana S.A. (SURA), a subsidiary of Grupo Sura, with more than 71 years of experience in the insurance and trend/risk management business, has received authorization from the Chilean Superintendency of Securities and Insurance to take over the former RSA operations in Chile. The Company, in recognition of the professional caliber of RSA´s local staff, has retained in their current positions both the senior management team and the rest of the staff, led by Sebastian Dabini, who today was appointed the new Chief Executive Officer of Seguros SURA in Chile. We therefore warmly welcome all 574 employees and 1,447 brokers who now form part of the Suramericana team in Latin America. "Our debut in Chile not only provides us with great satisfaction but also constitutes a great challenge. Chile is one of the most developed and competitive markets in the region, and we believe that we are able to provide a valuable contribution, not only with the experience we bring to the table, but through our business model based on a comprehensive handling of trends and risks through a wide range of tangible solutions. We are therefore confident that we shall be able to extend the well-being and competitiveness of the Chilean people" ; stated Gonzalo Alberto Pérez, Chief Executive Officer of Suramericana S.A . Sebastian Dabini, Chief Executive Officer of Seguros SURA Chile , for his part, mentioned that "this is a big step for us in forming part of such an important insurance group and we are indeed proud of the trust deposited in our efforts and capabilities. Suramericana's debut in Chile is good news for our clients, since it is a company that has an impressive track record in both the insurance business and the region itself, is widely known for its trend setting abilities and is keen to continue developing the insurance industry". This newly acquired insurance subsidiary in Chile enjoys a leading market position with 14.1% of the Property and Casualty Insurance market, with more than 2.2 million clients. This authorization to take over the former RSA operations in Chile is the result of a process that began back in September 2015, when the Company announced an agreement to acquire the RSA operations in Brazil, Argentina, Chile, Mexico, Colombia and Uruguay, for a total of USD 614 million. Consequently, Chile has become the third country to provide its authorization following on from Brazil on March 1, and Colombia on April 1. Similarly, the Argentinean regulatory authorities have announced their authorization for the operations acquired in this part of the world It is also worth noting that another of Grupo SURA's subsidiaries, SURA Asset Management, dedicated to the pension, savings and investment industry has been operating in Chile for the last four years. Now with Suramericana entering the Chilean insurance market, the SURA brand in this country shall represent a wider more comprehensive range of financial and insurance products. About Suramericana S.A. With over 70 years of experience, Suramericana S.A. is the leading insurance and trend/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.