Financial DistrictInsurance

Triple-S Vida to buy Atlantic Southern Insurance Company

Triple-S Vida is a subsidiary of Grupo Triple-S (Credit: © Mauricio Pascual) Triple-S Vida is a subsidiary of Grupo Triple-S (Credit: © Mauricio Pascual)

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.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

Comment here