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ASSA acquires Triple-S Blue Costa Rican operations

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Panamanian insurer ASSA Compañia de Seguros has acquired the Costa Rican operations of Triple-S Blue, known as Triple-S Costa Rica, for an undisclosed sum.

Triple-S Costa Rica’s assets amounted to $16.9mn in 2021, and the insurer underwrote gross premium of $17mn.

In a statement, ASSA said the transaction has already received regulatory approvals.

ASSA CEO Eduardo Fábrega said: “With this deal, we welcome Triple-S Costa Rica’s clients, agents and professional talent.”

“We will expand our value proposition and our distribution channels, offering new insurance coverage to our clients,” he added.

ASSA is the largest Central American insurer, with over $105mn in assets and almost $109mn in gross written premium in 2021.

The carrier has expanded its insurance operations via M&A in recent years.

In 2017, the company acquired the Panamanian division of Italian carrier Generali in a deal worth $172mn.

In 2015, ASSA struck a deal to buy AIG's operations in El Salvador, Guatemala, Honduras and Panama for an undisclosed amount.

M&A activity in Latin America has accelerated in recent months across the insurance industry.

Last month, this publication revealed that Lockton entered an agreement to buy Colombian broking firm Sekuritas.

Earlier this year, US TPA Charles Taylor bought a majority interest in Argentinean automation platform Fraud Keeper.