Suramericana signs an agreement to purchase Seguros Banistmo in Panama
With this latest acquisition, Suramericana S.A. is strengthening its presence on the Panamanian market as it continues to develop and expand SURA´s markets in Latin America. Now with Seguros SURA, former clients of Seguros Banistmo in Panama shall be able to enjoy a comprehensive, well-differentiated range of value-added insurance solutions, which through the preventive handling of risk, shall enhance their quality of life and provide them with a competitive edge. Medellin, February 23, 2015 – Today, Suramericana S.A. , a subsidiary of Grupo SURA , a specialized player in the insurance, health care and occupational risk industry, signed an agreement to purchase Seguros Banistmo . Upon obtaining the corresponding authorizations, this new Company shall be joining forces with Seguros SURA Panamá in consolidating SURA´s presence on the Central American market. The value to be paid shall be published on the date the transaction is closed, since this shall be based on the value of the Company’s equity on said date and in accordance with the corresponding regulatory authorization. This transaction was based on the corporate governance standards upheld by both parties and for which the firm Towers Watson provided its technical assistance and advisory services. This acquisition shall increase Seguros SURA's share of the Panamanian market, in terms of consolidated premiums to almost 8.26% , making it the fourth largest competitor on the insurance market in this part of the world. "This is indeed an important step in SURA´s ongoing growth and consolidation in Latin America. Panama is a very interesting market for our Organization, and as long-term investors we wish to continue to grow and prosper hand in hand with the Panamanian people," stated Gonzalo Pérez , CEO of Suramericana, a company that for the last two years has been named "The Best Insurance Company in Latin America" by Reactions, a journal published by the Euromoney Group. Seguros Banistmo currently belongs to Grupo Bancolombia in Panama. The Panamanian insurance sector has been offering insurance solutions tailored to the needs and expectations of its local clients, and is especially strong in bancassurance products. Now with the comprehensive range of insurance solutions offered by Seguros SURA Panama, clients shall enjoy a wider range of services, a comprehensive and permanent handling of the different risks to which they are exposed, thanks to the way in which the profiles of both companies complement each other. As Gonzalo Perez stated “with this acquisition we shall continue to drive the development of the insurance market in Panama, offering on-line solutions in keeping with our strategy as a multi-channel, multi-solution, multi-regional company, providing our clients with greater financial protection, competitiveness and quality of life”. With the acquisition of Seguros Banistmo on the part of Grupo SURA´s specialized insurance subsidiary, the Group´s portfolio structure shall be particularly strengthened. It shall also provide the possibility of further leveraging the value of this acquisition thanks to the knowledge and experience that Suramericana has built up over the last 70 years in the insurance sector. About SURAMERICANA With more than 70 years of experience, SURAMERICANA S.A. is today one of the main insurance groups in Latin America. This Company, a subsidiary of GRUPO SURA in which the German reinsurance company, Munich Re, also holds a stake, is in turn the holding company of a group of different companies in Colombia, Panama, the Dominican Republic and El Salvador, all of whom offer insurance, health care and occupational risk solutions. These companies offer a well-differentiated and comprehensive assistance in handling risk and have set themselves apart with the innovation and added-value they provide their clients in terms of insurance protection.