The agreement was signed in September 2021 and announced in mid-March 17, following authorizations from Costa Rica’s merger control authority (Comisión para Promover la Competencia, COPROCOM) and insurance market supervisor (Superintendencia General de Seguros, SUGESE).
The transaction is expected to close in April and the value of the deal was not disclosed.
The transfer of Triple-S’s business to ASSA is the result of its decision to voluntarily exit the Costa Rican market to focus on other markets.
For ASSA, the transaction represents an opportunity to strengthen its current portfolio and its strategic position in the market by acquiring a portfolio of business focused primarily on individuals.
Triple-S was counseled by global law firm ECIJA on the transaction, with a team led by partner Mauricio París, special counsel Silvia Canales and associate Monserrat Soto.
Triple-S’s in-house counsel was Ciara T. Napoli.
ASSA was counseled on the deal by its in-house counsel Thaís Chalmers and law firm BLP.
In addition to Costa Rica, ECIJA has offices in Spain, Portugal, Colombia, Chile, Panama, Honduras, Dominican Republic, Guatemala, El Salvador, Mexico, Ecuador, Brazil and Puerto Rico, with a multidisciplinary team of more than 800 professionals spread across its offices.