The authorisation allowing AAA Seguros to sell insurance products has lapsed, and the insurer will no longer be able to operate in Angola, the Angolan Insurance Regulation and Supervision Agency (Arseg).
The agency said in a statement that the expiry of the authorisation to operate was the result of a deliberate voluntary winding-up by the shareholders of AAA Seguros and authorised by the minister of Finance.
AAA Seguros has been in operation since 2001, and is the second-oldest insurer on the Angolan market after ENSA Seguros de Angola, selling both life and non-life insurance products.
“The decision to stop managing Pension Funds is part of a review of the business strategy of AAA Seguros and is based on the low growth of the financial management of pension funds, recently aggravated by the sharp drop in the value of the assets of pension funds under our management,” said at the time the Board of Directors led by São Vincent.
Due to alleged lack of transparency in management, in March 2016 AAA Seguros was replaced in the leadership of the special arrangements for co-insurance of oil activities (petrochemical insurance) by ENSA Seguros, via Presidential Decree no. 39/16, published in the Official Bulletin of 30 March. (macauhub)