Nicaraguan Insurer Disappointed With INS
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ICE, SUTEL
Feud Continues
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Many
Nicaraguan
Insurer Disappointed With INS
Looking to expand, the Instituto Nacional de
Seguros (INS), set its sights to the north,
looking to buy 100% of the shares of the
Seguros América de Nicaragua.
However, not only was the sale was stopped
by the Contraloría General de la República (CGR)
- Costa Rica's Comptroller General - but the
Nicaraguan insurer cancelled the deal.
Seguros América de Nicaragua, general
manager, Sergio Ulvert, told the El Diario
La Prensa de Nicaragua that he was
disappointed at the lack of seriousness
displayed by the INS.
Ulvert said that he was assured by the INS
president, Guillermo Constenla, that he had
all the authority to make the deal and such
talks continues.
However, seven months into the talks, Ulvert
said that he learned that the INS did not
count with the approval of the Contraloría.
"I assumed I was dealing with a serious
company", said Ulvert of the INS.
Ulvert assures that the case is now closed
and that Seguros América is not interested
in negotiating with anyone else at this
time.
The INS had offered us$30 million dollars to
purchase Seguros América, which
counteroffered a "significantly higher"
amount and was accepted by INS, according to
Ulvert, refusing to say the final negotiated
amount.
Seguros América is part of the Grupo Pellas
and the major private insurer in Nicaragua.
For his part, Constenla said that Ulvert as
reason to be upset.
Defending the actions in the process,
Constenla said that the Sala IV
(Constitutional Court) ruled that the INS
could enter into such a transaction,
notwithstanding, the Contraloría, said
different on May 11.
Not to be derailed, Constenla assures that
the INS will continue with its plans to sell
insurance policies outside of Costa Rica and
will be appealing the Contraloría decision.
The INS president added that negotiations
with several other insurers in the region
have been suspended until the ruling on the
appeals. |
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