ING Group announced the successful conclusion of its tender offer for the minority 13 percent shareholdings of Mexico’s Seguros Comercial America S.A. de C.V., as it became a wholly owned subsidiary of The Dutch insurer and financial services provider, which now controls 99.91 percent of its shares.
SCA is Mexico’s largest insurer with an approximate 18 percent share of the country’s life and health market, and a 39 percent share of the property/casualty market. According to ING’s announcement, “SCA is the fastest growing insurance company in Mexico with a 10-year average annual growth rate of 23%. With more than 8,000 agents SCA has an extensive distribution network that reaches all key regions in the country.”
ING officially took over SCA last June, and announced the re-branding of its name to ING Comercial America. It plans to market all of its Mexican operations, including pension fund Afore Bital, under the new name.
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