IIC Invests In QBE Del Istmo To Support The Insurance Sector In Latin America
03/02/2010Washington, D.C. - On March 3, 2010, the Inter-American Investment Corporation (IIC) signed an agreement to invest up to US$8 million in preferred stock of QBE del Istmo Compañía de Reaseguros, Inc. ("QBE del Istmo"), a leading Latin American reinsurance company. The IIC investment will support the expansion and consolidation of the company in the region. The IIC investment is part of a US$30 million financing package to be provided jointly by the IIC and the International Finance Corporation (IFC). The IIC will sell a participation of 50% of its investment to the China-IIC SME Equity Investment Trust Fund.
According to Tomás Bermúdez, IIC Equity Investments Coordinator in charge of the operation, "QBE del Istmo is a regional company led by an outstanding team, with substantial growth potential in Latin America. Investing in QBE del Istmo enables the IIC to access not only the insurance and reinsurance industry—a new sector for the IIC—but also the mass market insurance area geared toward lower-income sectors in the region. For QBE del Istmo, the investment is a good alternative for meeting the capital needs arising from its expansion plan."
Ramón Fernández Quijano, Chairman of the Board of QBE del Istmo, said: "IIC's investment is a vote of confidence in QBE del Istmo and in the future of the Latin American insurance industry." He added that "IIC’s financial strength and experience will be invaluable as the region strives to develop its financial infrastructure". Mr. Fernandez Quijano signed for QBE del Istmo and Mr. Jacques Rogozinski, General Manager, signed for the IIC.
About QBE del Istmo
QBE del Istmo is a full-line reinsurer with over 30 years in the Latin American market. Headquartered in Panama, the Company has reinsurance, insurance, brokerage, and dental service operations throughout Latin America.
About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved forty operations channeling US$299.8 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int
Contact: Tomás Bermúdez (in Washington D.C.)
Telephone: (202) 623-1933