RSA will continue looking for acquisitions to grow in Latin America

UK insurer RSA remains interested in pursuing acquisitions in Latin America in order to keep growing at double digits over the next few years and achieve the company's goal of generating premiums of around 2.2bn pounds (US$3.42bn) in emerging markets - of which Latin America represents almost 60% - by the end of 2015, RSA's CEO for Latin America Fernando Concha told BNamericas. RSA's premiums in Latin America rose 15% in 1H12 compared to the same period 2011 (20% at constant exchange rates) to 343mn British pounds, with double-digit growth in Chile, Mexico and Argentina. In Argentina, the insurer recently acquired El Comercio and Aseguradora de Créditos y Garantías, which together double RSA Argentina's market share and make it the country's fifth largest P&C insurer. "Being one of the top five insurers in Argentina by adding two companies that perfectly complement our current operation is an opportunity we could not pass up," Concha said. El Comercio will boost the company's presence in the risks it wants to take, increases its presence in the country's provinces and help streamline its expenses. Through the acquisition of Aseguradora de Créditos y Garantías, RSA became the largest company in Argentina's surety bond segment. "[The purchase] allowed us to gain expertise in a very interesting business that we can expand to other parts of the region," Concha said. These deals were announced on August 1. They are expected to deliver around 100mn British pounds of net written premiums in their first full year. The full interview with Concha will be available for subscribers in this week's Insurance Perspectives.