BLP has advised ASSA Compañía de Seguros, S.A. in the acquisition of the insurance operations of Triple – S in Costa Rica. The firm’s advice involved all aspects of the transaction, including the due diligence process, regulatory and competition issues for the approval of the transaction by the General Superintendency of Insurance (SUGESE) and the Commission for the Promotion of Competition (COPROCOM), as well as Labor, Tax, Intellectual Property, and Real Estate issues related to the transaction.
ASSA Insurance Company, S.A. (“ASSA Costa Rica”), subsidiary in Costa Rica of ASSA Compañía Tenedora, S.A. (“ASSA”), will acquire the insurance portfolio, and other related assets and obligations that make up the business of the Costa Rican branch of Triple – S Blue, Inc. II. As it is the acquisition of the entire business, the transaction also includes the obligations of the insured, as well as the relations with employees, brokers, agents, reinsurers, and suppliers.
With this transaction, ASSA consolidates its position in Costa Rica and the region. In addition, the company hopes to expand its value proposition, distribution channels, coverage, and new services.
ASSA Costa Rica mainly offers general, fire, automobile, and group health and life insurance, complemented by a wide range of other insurance coverage. In 2010, with the opening of the insurance market to competition, ASSA Costa Rica became one of the first private insurers in that country.
Triple-S Costa Rica has been operating since 2012. Currently, its insurance portfolio protects eight thousand policyholders and their dependents, and is focused on health plans; additionally, it includes life, cancer, and accident insurance.
The transaction is awaiting the closing and the asset transfer process, in which BLP will continue to assist its client.
The transaction was carried out by BLP’s Insurance and Reinsurance team led by: