Mexico auto insurer Qualitas to invest $4 million on Costa Rican subsidiary

Mexico automobile insurer Qualitas Compania de Seguros said it will invest $4 million to open an insurance company in Costa Rica as part of its international expansion strategy.

In a filing with the Mexican Stock Exchange, Qualitas said it hopes to export its successful low-cost auto insurance model to Costa Rica, a country of about 4.5 million people and 900,000 automobiles.

Costa Rica will be the company's second international market after El Salvador, where Qualitas launched operations two years ago.