Insurer Generali ups stakes in Panama and Colombia

The Lion of San Marcos is about to disappear from the Panama business scene as insurance giant Generali  pulls in its claws and withdraws from 13 countries.

The shrinking of operations comes as Generali, Italy’s largest insurer, asks the Rothschild bank  to find buyers for its subsidiaries in Colombia, Ecuador and Panama, among markets in which it does not have a large  business participation.

The company is seeking to raise about $ 1.1 billion by abandoning 13-15 countries in an effort  to cut costs and improve revenue.

Source: Newsroom Panama