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Monday, July 16 2018 @ 11:32 PM EDT

Venezuelan Company Offers To Take Over British American

InsuranceSeveral proposals have been made to find ways to keep the British American insurance company solvent in Panama. The Briceño group from Venezuela, is one of the companies interested in investing, however Panamanian Superintendent of Insurance doubts their capacity. Gustavo Briceño, the representative of the Venezuelan group, said they plan to invest $7 million dollars over the course of the next three years. "New British American" would be the name of the insurance company, of Briceño takes over. During a meeting with partners and clients of British American, the Superintendent of Insurance Luis Alberto Della Tonga was met with many "boos" from the public, who said he is giving false hope to the clients and policy holders. (Telemetro)

Editor's Comment: What a mess. The government is trying to figure out what to do, the insurance companies are already picking up and providing insurance to the former customers of British American - those who are relatively young and healthy who easily qualify. The older and sicker people are more of a problem. This Briceño group is the only one who has offered to take over the entire portfolio, lock, stock, and barrel.

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