Honduras' Ficohsa buys Guatemalan insurer
Honduran Grupo Financiero Ficohsa expanded its insurance operation to Guatemala with the acquisition of Seguros Alianza, Honduras daily El Heraldo reported.
Ficohsa is the leading financial services group in Honduras with Banco Ficohsa and Seguros Ficohsa holding the top positions in the banking and insurance sectors.
In addition, Ficohsa operates in Panama, Nicaragua and, since 2011, in Guatemala with the purchase of Banco Americano – now Banco Ficohsa Guatemala.
Seguros Ficohsa is the fifth largest insurer in Central America, according to the report.
Seguros Alianza is a small player in the Guatemalan P&C sector with 3mn quetzales (US$4mn) in premiums sold in January-September 2016, approximately 1% of the total, according to data from the local financial services regulator.
With the acquisition Ficohsa, founded in 1994 by Honduran businessman Camilo Atala, has US$4.46bn in assets and US$554mn in equity, and is among the 10 largest Central American financial groups, according to the newspaper.
The value of the deal was not reported.
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