Popular to enter re-insurance market
Bnamericas Published: Tuesday, July 01, 2003
Puerto Rican holding company Popular plans to enter the local re-insurance market, local daily El Nuevo Dia quoted Popular president Angela Weyne as saying. Weyne said her company had filed for a license with the country's insurance regulator. Popular owns local Banco Popular and this operation marks the first time in the history of the local financial system that a banking group has entered into the re-insurance market, the paper said. However, local legislation states that the capital of banks and insurers must be separate even if they belong to the same holding. Re-insurers in Puerto Rico are required to have a minimum capital of US$1mn. When Popular receives the green light from the regulator it will go up against global giants such as Lloyds and Munich Re. Popular's re-insurance coverage will initially focus on life insurance, credit life insurance and disability insurance.
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