Triple-S Vida, a subsidiary of the Triple-S Group, announced its acquisition of United Surety & Indemnity Co.’s (USIC) portfolio of cancer, life and Temporary Non-Occupational Disability Insurance (Sinot, in Spanish) policies to expand its offer in Puerto Rico’s life insurance market.
“We saw the opportunity to grow our portfolio with this acquisition that includes more than $5 million in premiums. This is a way to continue strengthening our products for consumers in Puerto Rico to provide greater peace of mind in their lives,” said Arturo Carrión, president of Triple-S Vida.
The Office of the Insurance Commissioner approved the transaction, which positions Triple-S Vida as leader in the life insurance segment, with more than $200 million in premiums, the company said.
The insurance company has served the Puerto Rico market for more than 50 years. The company has 27 offices, with more than 1,000 employees and offers individual and employer life insurance policies, employer disability insurance, cancer and catastrophic illness insurance, policies to cover funeral expenses, and annuities, including Individual Retirement Accounts.