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A.M. Best Assigns Credit Ratings to Seguros Suramericana S.A.

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A.M. Best Assigns Credit Ratings to Seguros Suramericana S.A.
(Panama Business News). A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Seguros Suramericana S.A. (Sura) (Panama). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Sura’s good risk-adjusted capitalization supported by a well-structured reinsurance program, parental support provided by Grupo de Inversiones Suramericana S.A. (Grupo Sura), and improved underwriting metrics that continue to be driven from its integration with Seguros Banistmo, S.A. (Seguros Banistmo) in 2015. Offsetting these positive rating factors is Panama’s highly competitive landscape, which could pressure Sura’s operating performance.
As of year-end 2016, the company stood as the fourth-largest insurer in Panama, with a market share of 9%. Sixty-eight percent of its business portfolio is composed of property/casualty (P/C) products, with life products ma…

Blockchain Embassy Opens for Business in Panama

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Blockchain Embassy Opens for Business in Panama
(Panama Business News). A new location for bitcoin and cryptocurrency enthusiasts, entrepreneurs, activists, iconoclasts, connoisseurs, and the general public has opened in Panama. It is called the Blockchain Embassy. It is located in the Balboa Boutiques Strip Mall of Balboa Avenue in Panama City.
The space has crypto clothing and other merchandise for sale. It has a cafeteria, craft beers for sale, hardware wallets on display, a coffee shop, and even a working space.
A press release sent to bitcoin.com, said the embassy will also start giving cryptocurrency workshops and presentations. Everyone is welcome to come and engage with the Panama crypto community. The Embassy press release elaborated on how it accepts payment and provided more information:
The embassy accepts payments in cash and Crypto, and has become an emblematic tourist site in Panama. It receives visitors from all over the world. It is one of the projects created by startup…

Trimax Corporation and Wholly Owned Subsidiary Saavy Naturals Inc. to Begin International Retail Sales With the Execution of Its Distribution Agreement With Panama Based US Pharmacy Group

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Trimax Corporation and Wholly Owned Subsidiary Saavy Naturals Inc. to Begin International Retail Sales With the Execution of Its Distribution Agreement With Panama Based US Pharmacy Group
(Panama Business News). Trimax Corporation, Inc. (OTC PINK: TMXN) (the "Company") and its wholly owned subsidiary Saavy Naturals Inc., will begin international retail sales of its all natural body care line through its executed distribution agreement with Panama based US Pharmacy Group in the Caribbean, Central & South America.
U.S. Pharmacy Group based in Panama City, Panama started in 1997 and has grown into one of the largest distributors of pharmaceuticals, medical devices, hospital disposables, personal care and beauty products, food supplements, vitamins and foods in the Caribbean, Central & South America.
US Pharmacy Group prides themselves on strategic knowledge of their markets from the constant study of both regional and national market trends. Whether pharmaceutical, hospita…

Bondholders sell majority of units at Trump condo hotel in Panama

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Bondholders sell majority of units at Trump condo hotel in Panama
(Panama Business News ). Ithaca Capital Partners, which has a Miami office, acquired 202 of the 369 units for an undisclosed price Bondholders with delinquent debt on the 70-story Trump International Hotel, Panama, sold most of the units at the condo hotel, a high-rise landmark in Panama’s capital city.
Investment firm Ithaca Capital Partners paid an undisclosed price for 202 of the 369 units at the Panama City property, plus the condo hotel’s three restaurants and its 30,000-square-foot conference center.
Orestes Fintiklis, a Miami-based director of Ithaca, told TRD in a phone interview Friday that the transaction was “an arrangement” agreed upon by the bondholders, equity holder Newland International, and hotel operator Trump International.
“The bonds have been non-performing for about two years,” Fintiklis said. The Panama City hotel opened in 2011.
Canal Bank provided debt financing for the acquisition by Ithaca, which is…