The insurer Sura leaves the u . S . A . And sells the business to Grupo Galicia

With an investment of US$19 million, the financial maintaining agency led by means of the Escasany circle of relatives aspires to come to be one of the pinnacle 10 coverage businesses inside the u . S . A ..

The Colombian insurer Sura determined to leave Argentina: he offered his enterprise in the u . S . To Grupo Galicia, also owner of Naranja X. Through its subsidiary Sudamericana Holding -controlling agency of Galicia Seguros- The Escasany circle of relatives’s monetary services group reached an agreement with the insurer to enlarge its coverage provide and its business version in a marketplace with excessive capacity.

The operation become installed in US$19 million although it nevertheless wishes to be accepted by means of the National Insurance Superintendence (SSN) and the National Commission for the Defense of Competition in Argentina. It is expected that this authorization will go easily because none of the companies has a dominant role in the marketplace.

Meanwhile, Sura will function independently, preserving all its income channels going for walks, consistent with Gonzalo Santos, CEO of Sura Argentina. That is to say. All the agreements and services contracted by way of the clients of both groups hold their validity and situations, the managers make clear.

Once the merger is completed, the parties will nevertheless need to outline below which logo the coverage will be advertised, even though “Answer”, the Sura logo bought in the virtual channel may be considered one of them.

The operation factors to a complementarity, give an explanation for the parties. Galicia Seguros sells its guidelines through the bank channel. Meanwhile, Sura Argentina has insurance answers and services for individuals and families, SMEs, big companies and the rural section, served by a huge network of insurance advisory producers.

From left to proper: Flavio Dogliolo General Manager of Galicia Seguros, Fabián Kon CEO of Grupo Galicia, Juana Francisca Llano, president of Suramericana (Seguros Sura in Latin America) and Gonzalo Santos, CEO of Seguros Sura Argentina.

This remaining channel, which bills for more than 1/2 of the insurer’s billing, is an vital asset that the bank provides with the operation. “It is a leap in time to boost up increase,” stated Fabian Kon, CEO of Grupo Galicia. The supervisor additionally talked about that the transaction allows them to reflect onconsideration on “incorporating new products inclusive of retirement insurance“, which in international locations like Brazil and Chile have a big market, he says.

The integration plan between both corporations also implies the absorption of Sura’s 520 personnel into the financial group. Seguros Sura Argentina has 775,000 customers and thirteen branches inside the united states of america and a community of casi 5,000 coverage producers. For its component, Galicia Seguros has more than 1,800,000 clients and 330 employees. Although the maintaining’s customer portfolio covers a few 7 million customers.

Until now, for the Galicia group, the insurance business is 10% of its turnover. “We suppose that, in five years -normalization of the macro via- the business may be doubled”signaled Kon.

Sura has been operating in Argentina for seven years, while it offered the operation from the English group Royal Sun Alliance (RSA). It is a part of the Colombian institution Bank Colombia and generates 3.5% of the billing of South America, the branch of the group’s coverage commercial enterprise. It additionally operates in different nations such as Uruguay, Chile, Mexico, Brazil, the Dominican Republic, El Salvador and Panama.

The coverage organization these days divested itself of every other commercial enterprise, the Aseguradora de Creditos y Garantías (ACG), the surety insurance department that turned into left in the palms of neighborhood businessmen José Urtubey (director of the UIA) and pharmacists Marcelo Figueiras and Alberto Serventich.

Approximately a month in the past, the local group ST, which operates in company banking, life and retirement coverage, leasing, purchaser loans and mutual budget, saved the lifestyles insurance businesses BNP Paribas Cardif Argentina.