Provident Capital Indemnity Creates New Segregated Payment Fund

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Provident Capital Indemnity Creates New Segregated Payment Fund

Provident Capital Indemnity, the specialist insurance and reinsurance company, is pleased to announce it has created a new segregated fund for the payment of historic insurance claims relating to policy’s written by the Company’s previous management. The segregated fund will contain a minimum of USD10-15 million at any time.

Dr Vargas, President of Provident Capital Indemnity, commented:
“We have worked hard to ensure that all the legacy issues of the company are being properly and professionally addressed. The creation of this segregated fund marks the final chapter in this activity. I am likewise pleased to announce that the transfer of off-shore company funds into this account is now reaching completion. We nevertheless are sensitive to the time this process has taken and thank our counter-parties for the patience they have shown.”

Provident Capital Indemnity was founded in 1991 and underwent a full operational and management restructuring following the appointment of Dr Minor Vargas as President and CEO in 2005. It currently has total assets of over USD185million and has maintained a 5A/5AS Dun & Bradstreet rating since 1998.

Current growth areas for the Company include Financial Guarantee Bonds for the financial services sector and Surety Bonds to commercial and industrial organisations which guarantee the faithful performance of contractual obligations between parties and payment where the principal defaults. http://www.providentinsurances.com

Further information

Provident Capital Indemnity Newsdesk    Tel: + (506) 2237-9475
Email: pciprodpt(at)racsa(dot)co(dot)cr

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Jonathan Kinsella

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