Sura sells its surety insurance business unit to Argentine investors
Buenos Aires, 21 June 2022. On June 10th, Seguros Sura S.A., a company belonging to Suramericana S.A., one of the largest Latin American groups in the insurance industry operating in nine countries, sold its surety insurance business unit ACG (Aseguradora de Créditos y Garantías) to Argentine investors Marcelo Figueiras, José Urtubey, and Alberto Serventich, all of them with an extensive and recognized experience in the private sector.
This sale is part of Sura’s strategic decision to strengthen its general and life insurance lines, leaving aside the surety insurance division, and considering multiple investments in the country in the future. Likewise, it represents an important capital injection for the company.
In this acquisition, Beccar Varela advised the sellers, while the buyers turned to their in-house counsel Patricio Carballes and his team.
Established in Argentina in 2016, Seguros SURA has more than 600 employees, 4,000 insurance advisors, and more than 1.1 million policyholders connected through 14 agencies located throughout the country. Its head office operates in its corporate building in Puerto Madero, in the city of Buenos Aires.
Counsel to Sura S.A. (Suramericana S.A.)
Beccar Varela: partners Daniel Seoane and Alejandro Poletto and counsel María Eugenia Radaelli.
Seguros Sura: Marina Covey (Argentine Legal Manager), and regional officials Juan Camilo Arroyave Cardenas (Corporate Legal Vice president) and Frank Ospina Blandon (Corporate Legal Manager).
Counsel to buyers (Marcelo Figueiras, José Urtubey and Daniel Serventich)
Team led by in-house counsel Patricio Carballes.