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
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
7/21/09
3/29/08
Protecta aims to sell 400k life policies in 1st year
Peruvian life insurance company Protecta plans to sell 400,000 policies worth US$10mn during its first year of operations, the insurer said in a press release.
Protecta, which launched operations last February, specializes in microinsurance.
Peru's financial sector regulator SBS authorized financial services group ACP Inversiones y Desarrollo to incorporate Protecta in July 2007.
ACP Inversiones y Desarrollo is the controlling shareholder of Peruvian microfinance bank Mibanco.
Protecta plans to offer microinsurance using non-bank finance companies and cooperatives as distribution channels, according to the statement.
The new insurer will sell both individual and group life insurance and annuities.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 28, 2008
Protecta, which launched operations last February, specializes in microinsurance.
Peru's financial sector regulator SBS authorized financial services group ACP Inversiones y Desarrollo to incorporate Protecta in July 2007.
ACP Inversiones y Desarrollo is the controlling shareholder of Peruvian microfinance bank Mibanco.
Protecta plans to offer microinsurance using non-bank finance companies and cooperatives as distribution channels, according to the statement.
The new insurer will sell both individual and group life insurance and annuities.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 28, 2008
12/16/07
InVita launches market's cheapest microinsurance policy
Peruvian life insurer InVita Seguros has launched a life policy with a monthly premium of one sol, local press reported.
It is the cheapest life policy on the market and provides coverage of up to 2,500 soles (US$835) for natural and 5,000 soles for accidental death, according to the reports.
The insurance company signed an agreement with NGO ProMujer to sell the policy to a potential customer base of around 40,000.
InVita is also in talks with two other NGOs to launch more microinsurance products at similar prices, financial daily Gestión quoted InVita chair Caridad de la Puente Wiese as saying.
Demand for individual life insurance is growing in Peru as the population's purchase power is increasing, de la Puente said. The life market as a whole has expanded 30% this year and the growth prospect for next year is even better, Gestión quoted her as saying.
Invita Seguros offers a wide range of life, annuity and retirement products.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: December 14, 2007
It is the cheapest life policy on the market and provides coverage of up to 2,500 soles (US$835) for natural and 5,000 soles for accidental death, according to the reports.
The insurance company signed an agreement with NGO ProMujer to sell the policy to a potential customer base of around 40,000.
InVita is also in talks with two other NGOs to launch more microinsurance products at similar prices, financial daily Gestión quoted InVita chair Caridad de la Puente Wiese as saying.
Demand for individual life insurance is growing in Peru as the population's purchase power is increasing, de la Puente said. The life market as a whole has expanded 30% this year and the growth prospect for next year is even better, Gestión quoted her as saying.
Invita Seguros offers a wide range of life, annuity and retirement products.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: December 14, 2007
12/9/07
Rimac expects microinsurance segment to grow 50% in 2008
Peruvian insurer Rimac Seguros expects the country's microinsurance market to grow 50% next year to US$5mn compared to 2007, local financial daily Gestión reported.
The potential microinsurance market in Peru is from 15mn-18mn people, said José Cordano, Rimac manager for non-traditional distribution channels.
Non-traditional distribution channels like retail stores, small neighborhood shops and drugstores are key for insurers looking to reach Peru's low-income population, Cordano said.
Cordano also said microinsurance sales are being helped by increased bank penetration in Peru as insurers offer newly banked people low-cost policies to protect their plastic.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: December 7, 2007
The potential microinsurance market in Peru is from 15mn-18mn people, said José Cordano, Rimac manager for non-traditional distribution channels.
Non-traditional distribution channels like retail stores, small neighborhood shops and drugstores are key for insurers looking to reach Peru's low-income population, Cordano said.
Cordano also said microinsurance sales are being helped by increased bank penetration in Peru as insurers offer newly banked people low-cost policies to protect their plastic.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: December 7, 2007
11/12/07
Mapfre could launch mortgage unit
The Peruvian unit of Spanish insurer Mapfre is considering the launch of a mortgage financing unit, Lima-based financial daily Gestión reported.
Mapfre Perú has the capacity to enter the mortgage financing business and so it is a project under consideration, the paper reported VP Mario Payá as saying.
The Mapfre unit would grant mortgage loans and later offer those in securitized form to institutional investors like insurers and private pension fund managers, according to the report.
Mapfre is betting strongly on Latin America and Peru for growth and earlier this year bought Peruvian insurer Latin Seguros for US$13.4mn.
Mapfre is a top five player both in Peru's non-life and life markets and one of the largest insurance groups in Latin America.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: November 12, 2007
Mapfre Perú has the capacity to enter the mortgage financing business and so it is a project under consideration, the paper reported VP Mario Payá as saying.
The Mapfre unit would grant mortgage loans and later offer those in securitized form to institutional investors like insurers and private pension fund managers, according to the report.
Mapfre is betting strongly on Latin America and Peru for growth and earlier this year bought Peruvian insurer Latin Seguros for US$13.4mn.
Mapfre is a top five player both in Peru's non-life and life markets and one of the largest insurance groups in Latin America.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: November 12, 2007
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