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Peru's El Pacifico completes merger, appoints new management

Credicorp Ltd.'s Peruvian insurance units, El Pacífico Vida Co. De Seguros Y Reaseguros S.A. and El Pacífico Peruano Suiza Compañía de Seguros y Reaseguros S.A., on Aug. 1 said in a regulatory filing they had completed their merger.

Under the combination, which gained regulatory approval in July, El Pacífico Vida absorbs El Pacífico Peruano. A new company has been created, named Pacífico Compañía de Seguros y Reaseguros. The completion of the merger results in a capital increase of about 550 million Peruvian soles to a total of 1.12 billion soles, according to the filing.

In a separate filing, the companies announced the appointment of a new management for the merged company with Alvaro Correa Malachowski being tapped as the firm's new general manager.

As of Aug. 1, US$1 was equivalent to 3.24 Peruvian soles.