Puerto Rican insurance firm Triple-S Vida announced Monday that it has signed a letter of intent to acquire competing insurer Atlantic Southern Insurance Co. for an undisclosed amount.
“This transaction is evidence of our faith in Puerto Rico and our interest in expanding to the Caribbean and Central America,” said Arturo Carrión, president of Triple-S Vida.
Atlantic Southern was founded in Puerto Rico in 1945, which makes it one the oldest insurance companies in the market. Its headquarters are in Puerto Rico and it has operations in the U.S. Virgin Islands, British Virgin Islands, Anguilla and Costa Rica.
It is dedicated to the sale of individual life and cancer insurance, as well as individual and group health insurance, among others. Its portfolio is estimated at $9 million, Triple-S Vida officials said.
The executive explained that, at present, they are in the process of approval by regulatory entities, a process they expect to conclude shortly.
Triple-S Vida, a subsidiary of Grupo Triple-S, is the leader among life insurance companies and has been serving the Puerto Rican market for more than 40 years.