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QBE
QBE del Istmo Compañía de Reaseguros, Inc (QBE del Istmo) is a reinsurance company. QBE is headquartered in Panama and has a presence in Central and South America.
The IIC investment will enhance QBE del Istmo's capital and enable the company to launch new mass market insurance lines—especially dental insurance for those who do not have access to such coverage—and expand regionally in Brazil, Chile, Costa Rica, Colombia, Honduras, Guatemala, Panama, and Peru.
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.”
Source: Inter-American Investment Corporation
More on this topic
December 2009
The Inter-American Investment Corporation will buy up to $8 million of preferred stock in "QBE del Istmo".
QBE del Istmo is a reinsurance company based in Panama, with operations in Central and South America.
IIC's investment will be used to strengthen QBE's capital, enabling it to enter new markets in mass insurance products, -specially dental insurance for those without access to such coverage-, as well as regional expansion in Brazil, Chile, Costa Rica, Colombia, Honduras, Guatemala, Panama and Peru.
November 2009
IFC has proposed an investment in Panama-based reinsurer QBE del Istmo Re of US$10mn in preferred shares and maximum US$9mn in equity for an up to 7.5% capital share.
The proposed investment in QBE del Istmo Re (the “Company” or “QBEDIR”) fits well with IFC’s industry strategy to support locally-based reinsurance companies that have a regional focus.
July 2010
The Inter-American Investment Corporation (IIC) signed a loan agreement for up to US$4 million with Café Britt Costa Rica S.A., a subsidiary of Grupo Britt, N.V.
This IIC loan will provide Café Britt S.A. with appropriate permanent working capital financing that will help it plan its operating funding requirements at the regional level.
June 2010
The Inter-American Investment Corporation (IIC) approved an equity investment of up to US$1 million in preferred shares of Financiera Desyfin S.A.
The investment involves purchasing dollar-denominated perpetual preferred shares. In addition to strengthening Desyfin’s capital structure, the funds from the IIC will provide the company with direct financing to grow its medium- and long-term SME portfolio.
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