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Generali Is Shuttering Its Insurance Business in Panama and Colombia

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Generali ups stakes in Panama, Colombia

GENERALLI.jpg

THE LION of San Marcos is about to disappear from the Panama business scene as insurance giant Generali  pulls in its claws and withdraws from 13 countries, including Panama.

The shrinking of operations comes as Generali, Italy’s largest insurer, asks the Rothschild bank  to find buyers for its subsidiaries in Colombia, Ecuador and Panama, among markets in which it does not have a large  business participation.

Logo-Pequeño-fondo-rojo-300x243.jpgThe company is seeking to raise about 1 billion euros ($ 1.1 billion) by abandoning 13-15 countries in an effort  to cut costs and improve revenue.

Generali will continue to invest in  large Latin American markets such as Brazil and Argentina.

Operations in Colombia, Ecuador and Panama are too small to justify the presence of the company in these markets.

The Rothschild bank is in the process of searching for potential bidders for the assets in those three countries, and a packet of information has already been sent to potential stakeholders. Generali’s plans also include divesting businesses in Countries such as Holland, Belgium and Portugal.

The company was founded in 1831 under the name Assicurazioni Generali Autro-Italiche and three years later it was established in Spain.

In 1848 it changed its name to Assicurazioni Generali and adopted the lion of San Marcos as its logo.

 

http://www.newsroompanama.com/business/panama-4/generali-ups-stakes-panama-colombia

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Anybody know what this means for those currently insured with them?

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3 minutes ago, Brundageba said:

Anybody know what this means for those currently insured with them?

Probably nothing, Allison.

The company didn't go bankrupt, they are just looking for a buyer.

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Come renewal time, might be a good time  for us to consolidate the cars' policies and get another insurer. Just a thought.  One comes up in May the other September..which was always a bit of a pain in the tail.

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