Our Insurance and Reinsurance team advised Compañia de Seguros de Vida Camara S.A. on the assignment of disability, survivorship and burial expenses insurance portfolio under the collective insurance policy in the private pension system, SISCO I, of Rigel Peru S.A. Compañia de Seguros de Vida. The advice provided by our team involved the negotiation of an Assignment of Contractual Position Agreement, whereby Rigel Peru assigned its contractual position to Vida Camara under SISCO I collective policy, and the Disability, Survivorship and Burial Expenses Risk Management Agreement No 1/2013, signed by Rigel Peru and the Private Pension Fund Managing Companies in 2013 as part of the first bid for the collective social security disability, survivorship and burial expenses insurance (SISCO I). Moreover, our team provided regulatory advice to obtain the authorization for said acquisition from the Superintendency of Banking, Insurance and Private Pension Fund Managing Companies.
Rafael Picasso (partner), Luis Ernesto Marin (senior associate) and Andrea Caceres (mid-level associate) participated in the counseling team that advised Vida Camara. This is the first portfolio assignment carried out under the collective policy signed together with Private Pension Fund Managing Companies.
Vida Camara started doing business in Peru in 2013 by taking part in the first bid of collective disability, survivorship and burial expenses insurance, where it was also advised by Estudio Echecopar. Vida Camara belongs to one of the largest economic groups in Latin America: Inversiones ILC, which actively participates in financial and health industries through different companies such as AFP Habitat (Peru and Chile), Confuturo Compañia de Seguros de Vida, Corpseguros Compañia de Seguros, Banco Internacional, Consalud, Red Salud and Vida Camara (Peru and Chile).
Estudio Echecopar provides specialized advice on Insurance and Reinsurance issues to major international and local insurers and reinsurers, as well as insurance and reinsurance intermediaries. Our team has extensive experience advising the insurance industry on M&A operations and investments, as well as meeting their operational and regulatory needs.