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Spanish insurer Seguros Santalucía, which specializes in coverage of funeral services in addition to offering life and retirement insurance, announced plans to expand its international footprint into Colombia via a strategic alliance with local partner Fundación Social.
With Fundación Social's partnership with Seguros Santalucía, both will commit a 50/50 investment in the creation of a new unit under the Grupo Fundación Social umbrella, according to Santalucía's international development chief José Luis Ruiz, as reported in Spanish media outlet El Economista.
The broader deal involves bringing Seguros Santalucía, as well as two other Grupo Santalucía subsidiaries Albia and Ballesol, into Colombia's funeral industry, as part of the group's Transforma 2020 strategic plan for international development.
The partnership with Fundación Social seeks to utilize Santalucia's expertise in the specialty market, similarly to business development with the firm in Portugal, Peru, Mexico and Argentina.
Fundación Social has more than a century of experience in Colombia as a financial and insurance group. Its banking unit, Banco Caja Social, is the ninth largest commercial lender with 3.8mn clients and 260 offices nationwide.
The Spanish firm's goal in Colombia is to occupy a top-3 position in its market segment, said Ruiz.