Grupo Sura sells its insurance business in Argentina to Grupo Galicia.
PRESS RELEASE
Buenos Aires, 17 August 2023. On August 11th, 2023, Grupo Sura (Suramericana), of Colombian origin, transferred its insurance business in Argentina —Seguros Sura S.A.— to Sudamericana Holding, Galicia Seguros’ controller company. The deal value is US$19 million and includes almost 800,000 customers, 13 branches, and 500 employees. Transactions of this scale are rare in Argentina’s current insurance industry.
With this operation, Suramericana reconfigures its operation in Latin America and concentrates its efforts to promote development in the region. The resources obtained will be invested in the transformation of the company’s digital models, and will promote diversification and consolidation projects in the countries where it continues to have a presence. For Galicia Seguros, this acquisition means another step towards becoming a leading insurance company in Argentina, one of the company’s main goals.
The transaction is subject to the authorization of the Superintendence of Insurance and that of the National Commission for the Competition Defense in Argentina.
In this deal, Beccar Varela advised the seller, while the buyer turned to the firm Cibils, Labougle, Ibañez.
Grupo Sura is one of the leading players in the region’s insurance industry, with a presence in eleven Latin American countries. Its capital allocation is primarily focused on financial and related services, with three main investments: Suramericana, a business specialized in the insurance industry; SURA Asset Management, an expert subsidiary in savings, investment & asset management; and Bancolombia, a company in which Grupo SURA is the main shareholder. Grupo Galicia is one of the leading financial services holdings in Argentina. The group’s companies offer services related to savings, credit, investment, insurance, digital solutions & advice for individuals and companies. It is made up of Banco Galicia, Naranja X, Galicia Seguros, Fondos Fima, Inviu, Galicia Securities, and Nera.
Counsel to Grupo Sura (seller)
In-house counsels Juan Camilo Arroyave (Corporate Legal Vice President), Frank Ospina (Corporate Legal Manager), and Marina Covey (Legal Manager of the Argentina operation).
Beccar Varela: partners Daniel Seoane and Alejandro Poletto and counsel María Eugenia Radaelli.
Counsel to Grupo Galicia (buyer)
In-house counsels Gonzalo Braceras (Legal Manager) and Martín Berrotarán (Legal Responsible).
Cibils, Labougle, Ibañez: partners Joaquín Ibañez and Joaquín Labougle.