Credit insurance provider Solunion has entered the Panamanian market, the company said in a release.
The incursion is the latest in the insurer’s ongoing Latin American expansion plan, which last saw it enter Peru and Uruguay during the first half of this year.
Solunion is a JV between Spanish insurance company Mapfre and Paris-based credit insurance giant Euler Hermes, and its insurance policies in Panama will be issued through Mapfre Panamá.
The insurer said a big draw of the Panamanian market is the strong economic growth the country has enjoyed in recent years as well as its bright economic outlook.
Launched in 2013, the Madrid-based company serves Spain and Latin America, where it today has a presence in Argentina, Chile, Colombia, Mexico, Peru and Uruguay.