Snapshot: Southbridge Uruguay

Canadian financial services group Fairfax has officially launched Southbridge Insurance, or SBI as it is known, in Uruguay.

P&C insurer Southbridge is what Fairfax has renamed the Uruguayan unit of US giant AIG, which Fairfax obtained as part of a wider deal announced in October 2016.

SBI president Marcelo Lena, in a statement, cited the importance of the backing of Fairfax: "We're talking about a financial group with a long-term vision, guided by values. Values that show us there is another way to do business, where the obsession with the quarterly bottom line is absent and where what is emphasized is collaboration, a global vision, the entrepreneurial spirit, the taking of calculated risks, staff development and the contribution to the communities in which it operates."

Under the agreement, Fairfax obtained AIG's operations in Argentina, Chile, Colombia, Uruguay and Venezuela.

The Colombian deal closed in August last year and the operation was renamed SBS Seguros Colombia. In Chile, just a few months ago, AIG was officially rebranded Southbridge Chile.

In October last year, AIG's business in Argentina officially became part of the Fairfax group. The unit continues under the name of Meridional Seguros.

In Venezuela, AIG's unit has not changed hands, according to information from watchdog Sudeaseg.

A Fairfax spokesperson did not immediately respond to a request for comment from BNamericas.

AT A GLANCE: KEY AIG URUGUAY DATA FOR 2017

Overall net income (adjusted for inflation): A loss of 45.902mn pesos (US$1.624mn)

Assets at end-2017: 370mn pesos

Liabilities at end-2017: 227mn pesos

Equity at end-2017: 142mn pesos

Net retained earned premiums: 120mn pesos

Net claims on earned premiums: 57.2mn pesos

Pictured: Southbridge Insurance Uruguay senior staff at an event held to celebrate the launch of the SBI brand. From left, Gabriel Parcio (claims manager), Alejandra Vidal (compliance and HR manager), Marcelo Lena (president), Natalia Draper (administration and finance manager), Fabián Giovanola (commercial manager) and Marcelo Ferrari (systems manager).