Continental gets okay from Peruvian regulator to launch operations

Peru's financial sector regulator SBS has authorized Chilean credit insurer Continental's Peruvian subsidiary Insur Compañía de Seguros to begin operating in Peru's P&C segment, Continental told Chile's securities and insurance regulator SVS in a filing.

Continental indirectly owns 99.99% of Insur through investment vehicle Inversiones CSCC Peru, which in turn controls 99.99% of the Peurvian insurer.

Insur operates with its own independent management and reinsurance contracts, Continental said.

In July 2008, Continental received regulatory approval from the Argentine regulator to start operating in the surety bonds segment in that market.

And in February last year, Continental opened a subsidiary in Colombia.

Continental is Chile's leading domestic credit insurance company. Atradius, one of the world's largest credit insurers, has a 49.99% stake in Continental

Publication: Business News Americas - English News
Provider: Business News Americas
July 20, 2009

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