He specialized in health, accident and non-traditional insurance.
Grupo ST, which operates in corporate banking, life and retirement insurance, leasing, consumer credit and common funds, has just taken over the life insurance businesses BNP Paribas Cardif Argentina.
The final closing of the operation is subject to the approval of the National Insurance Superintendency, the regulatory body for the sector. That is why the holding company commanded by Pablo Peralta chose not to give details of the operation.
With the purchase, GST will increase its market share in the insurance business, where it already operates with life and retirement with Life and Orígenes, respectively.
Cardif operates in the branches of health insurance, unemployment, personal accident, life, funeral, guaranteed consumption, home, technology, bag and protected purchase, and ATM. with these businesses ranks 66th in the global industry according to Estrategia Magazine, with premiums issued for $2,421 million as of December 2022.
Due to its specialties, the company is sixth in the category “other patrimonial damages” that are not traditional.
Orígenes Retiro is ranked 100th, with premiums of $1,050 million and Life, for its part, is in 25th place, with $12,944,949,962
GST became a specialist in keep the portfolio of companies that decide to leave the country or abandon some business. In 2009, he bought Orígenes from ING. In 2012 he acquired Cetelem, the consumer finance company from BNP Paribas. Then, in 2021, he added the assets of MetLife (which became Life Seguros) and now he takes the policyholders of BNP Paribas, which will continue with his corporate bank.
The tendency for Argentine buyers to take over the subsidiaries of international companies has accelerated in recent years, as a result of the pandemic and the economic crisis that began at that time. In the financial sector, for example, Banco Macro is negotiating the acquisition of the Brazilian Itaú.
In the last three years, during the entire administration of Alberto Fernández, more than 30 multinationals left or reduced their businesses in Argentina from Edding and Nike (which are now managed by Argentines) to the generators of the Italian Enel, which passed into the hands of YPF and Central Puerto.