Three Argentine businessmen bought Colombian Sura's surety insurance business

Argentine businessmen Marcelo Figueiras, José Urtubey and Alberto Serventich took over the surety insurance business of Sura Argentina, a company that belongs to the Colombian South American group.

Thus, the ACG (Credit and Guarantee Insurer) line will be transferred to “entrepreneurs with extensive experience and recognition in the private sector, who will be able to continue to grow this company that has won first place in the Prestigio Award for the last 18 years”, as highlighted in a statement.

Figueiras is the owner of Laboratorios Richmond, the local company that, among other things, manufactures the Sputnik-V vaccine and previously participated in other insurance companies; Urtubey is a shareholder of Celulosa and a renowned business leader, member of UIA and its Salta chapter, its province, and Serventich, partner and board member of Richmond.

“The capital market in Argentina, although it served to foster entrepreneurship and that needs to be strengthened. These types of companies are very important to the sector, and this one in particular is very good. In addition, I am not part of Sura's core business in the country. It is a long-term business and betting on consolidating the country's growth and the reputation of many sectors,” Figueiras told Infobae.

The turnover did not exceed and the operation is now awaiting approval from the National Superintendency of Insurance. Until then, ACG will continue to be managed by Seguros SURA Argentina.

According to this media outlet, although the sale represents an injection of capital for Sura, it responds to a strategic decision by South America in which it does not contemplate the development of surety businesses. From Sura they ensured the continuity of AGC employees, who will continue with their other lines of business in the country and that there will be no more local sales: they have an investment in excess of 20 million dollars and a plan that extends that investment until 2025.

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