WILLEMSTAD - Assuria, a leading player in the insurance industry, joyfully announces its establishment in Curaçao, marking a strategic move as part of its expansion initiative in the Caribbean. Focused on delivering innovative products and a service characterized by reliability and efficiency, Assuria presents a promising alternative in the Curaçao insurance market.
Having experienced significant growth in Suriname, Assuria has also achieved success in other Caribbean countries, boasting excellent financial results. Originating from the 1991 merger of NEN, the National, and ENNA, Assuria stands as the largest insurance company in Suriname. With roots tracing back to 1889, it has earned an outstanding reputation as a provider of life and pension insurance, as well as property and casualty insurance.
In recent years, as an ISO-certified entity, Assuria has further solidified its regional presence. In 2013 and 2015, the company acquired two insurance businesses in Trinidad, including Gulf Insurance Ltd., extending its operations to six other islands in the Caribbean, such as Sint Maarten. In 2012, Assuria initiated a property and casualty insurance business in Guyana, further expanding its regional footprint. Assuria has since established a leading position in the Guyanese market.
The driving force behind Assuria is its vision: to be a people-focused Caribbean financial institution, offering reliable, innovative, and easily accessible insurance solutions to protect what matters most, built on a secure and solid foundation.
The financial results of Assuria substantiate this vision. The total assets were USD 432 million in 2022 and USD 451 million in mid-2023. The revenue was USD 110.5 million in 2022, with pre-tax profit approximately USD 21 million. By mid-2023, the revenue was USD 54.0 million, with pre-tax profit at USD 9.3 million. Assuria also excels in solvency ratios. In Suriname, the solvency ratio was 164% (required 100%), in Guyana, it was 543% (required 200%), and in Trinidad, the solvency ratio was 225% where 150% is required.
Assuria stands out for its well-diversified shareholder base. VSH United Suriname (VSH) holds a 24% stake, and the remaining 76% is owned by pension funds, banks, companies, Assuria employees, and other small shareholders, including individual investors. VSH is the only shareholder with a stake exceeding 10%. Without the dominant influence of individual shareholders, the company can focus entirely on delivering high-quality insurance services, advocating for customer interests, and serving the collective interests of other stakeholders. Anyone can become a shareholder by purchasing Assuria shares on the Surinamese Stock Exchange.
Another contributing factor to Assuria's success is its highly qualified and experienced management team, led by the Group CEO, Mario R. Merhai MSc AAG. The executives bring a wealth of expertise, enhancing the company's reliability and stability. Integrity is one of the core values of the Group. In the upcoming press release in 2 weeks, we will delve further into this.
Assuria will commence its operational activities, including the acquisition of the insurance company Sagicor in Curaçao. The Central Bank of Curaçao & Sint Maarten and the Central Bank of Suriname have granted approval to initiate this process in accordance with applicable regulations. All rights of policyholders are guaranteed and safeguarded in the acquisition. Assuria expects to officially begin its operational activities in Curaçao in mid-April.