ASSA acquires Triple-S Blue, Inc. I.I.’s life and health insurance business in Costa Rica
Costa Rica, March, 2022.
- ECIJA Legal Costa Rica advised Triple - S in the deal.
ASSA Compañía de Seguros, S.A. (“ASSA”), a wholly owned subsidiary of Panama’s Grupo ASSA, S.A. (Latinex: ASSA), has announced it will acquire the portfolio of life and health insurance policies issued by Puerto Rican international insurer Triple - S Blue, Inc. I.I. (“TS”) in Costa Rica. The deal was signed in September 2021 and was announced on March 17th, 2022, following authorizations by Costa Rica’s merger control authority (Comisión para Promover la Competencia - COPROCOM) and insurance market supervisor (Superintendencia General de Seguros - SUGESE). The transaction is expected to close in April.
TS’s transfer of its business to ASSA is a result of TS’s decision to exit the Costa Rican market voluntarily to focus on other markets. At the same time, for ASSA the deal represents an opportunity to bolster its current portfolio and strategic market position by acquiring a book of business focused mainly on individuals.
Counsel to ASSA
In-house counsel Thaís Chalmers (Inversiones Bahía) and BLP.
Counsel to Triple - S
In-house counsel Ciara T. Napoli and ECIJA, Partner Mauricio París, Special Counsel Silvia Canales and Associate Monserrat Soto.
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More info:
Johanna Gutiérrez, Chief Growth Officer ECIJA Legal Costa Rica. Mobile: +506 6353.4614.