The acquisition of a minority interest in Seguros Comercial America, S.A. de C.V. (SCA) by ING Group NV illustrates the convergence of financial services in Latin America and confirms that Mexico offers growth potential for large international financial services companies, according to Standard & Poor’s.
Jaime Carreño, an insurance analyst for S&P in Mexico City stated, “Only through acquisition of the larger Mexican insurance companies will foreign companies have a chance to participate in the top positions in the industry.”
In recent years, large global companies have entered Mexico’s insurance market due to both saturation in mature markets and the opportunities for growth that emerging Latin markets have to offer.
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