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Panama regulator OKs transfer of Generali subsidiary's portfolio to ASSA

Panama's insurance regulator Feb. 20 approved the transfer of Assicurazioni Generali S.p.A. (Sucursal Panamá)'s total insurance and reinsurance portfolio to ASSA Compania de Seguros SA, as a part of the deal that sees ASSA acquire the Panamanian subsidiary of Italian insurance giant Generali.

The Italian insurer had been present in Panama since 1970 through a branch mainly operating in property and casualty. Under the deal, ASSA acquires the assets and liabilities of the branch, including its insurance portfolio.

Generali sold several of its businesses in Latin America in 2017 as it put its focus on growth in key markets such as France and Italy.