MIAMI--(BUSINESS WIRE)--ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) and American International Group, Inc. (NYSE:AIG) today announced that they have entered into a share purchase agreement under which, ASSA will acquire 100 percent of AIG’s operations in Central America located in El Salvador, Guatemala, Honduras and Panama. The transaction is subject to regulatory approvals in each country.
In connection with the transaction, AIG and ASSA will establish an on-going business partnership to pursue new opportunities and continue to deliver innovative products and unique customer experiences in Central America.
“In looking for a partner in Central America, AIG found a world class player in ASSA. Its deep understanding of the Central American insurance market will help ensure that customers in the region will continue to receive a full range of products and services,” said James Dwane, AIG President and CEO Latin America and the Caribbean.
“ASSA moves toward its goal of being a leading insurer in Central America by adding AIG’s businesses including its talented teams in El Salvador, Guatemala, Honduras and Panama," said Eduardo Fábrega, ASSA CEO. "ASSA will strengthen its ability to offer insurance products, serve a broad clientele and will become the only locally owned insurance group with a presence in all Central American countries.”
ASSA is a recognized leader in the insurance market across Central America with presence in Costa Rica, El Salvador, Nicaragua and Panama. This agreement will allow ASSA to complete its regional footprint by entering the Guatemala and Honduras markets, as well as strengthen its insurance businesses in El Salvador and ASSA’s leading position in Panama, its home market.
Until the transaction receives regulatory approvals, all operations, branches, products and benefits will continue to operate as usual. ASSA and AIG will work together to ensure a smooth transition for customers and employees.
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.