Santo Domingo. – The National Cooperative of Multiple Services of Teachers (COOPNAMA) announced the increase of its capital contribution to the National Cooperative of Insurance (COOPSEGUROS), for the collective benefit of its associates, setting a historical precedent within the Dominican cooperative movement.
The announcement was made during a press conference held at the main headquarters of COOPSEGUROS, in which the signing of an inter-institutional agreement was also carried out, through which the provision of comprehensive insurance solutions for the more than 200,000 associates of COOPNAMA will be guaranteed, as well as the protection and continuity of the institutional operations of the cooperative.
The signing of the agreement was headed by the presidents of the Boards of Directors of both entities, Professor Santiago Portes, for COOPNAMA, and Lic. Manuel Gutiérrez, for COOPSEGUROS, who highlighted that this decision significantly strengthens both institutions.
The President of the Board of Directors of COOPNAMA, Professor Santiago Portes, expressed satisfaction with the signing of this agreement, which strengthens and leverages the operations of the most important insurer in the cooperative sector.
“Our true intention is to send the message to all national and international cooperatives, that two sister institutions can support each other within the sector, establishing development plans for the benefit of the associates and all cooperatives,” said Portes.
In the signing of this agreement, the general managers of both institutions were also highlighted, Prof. Lucas Figueroa Lapay from COOPNAMA and Ing. Estón Fulcar representing COOPSEGUROS.
In that sense, Ing. Fulcar indicated that this capital increase is part of a financial and institutional relaunch strategy, aimed at expanding the entity’s participation in the insurance market and generating sustainable benefits for COOPNAMA and the group of associated cooperatives.
“The intention is that we can develop products aimed at meeting the needs of COOPNAMA associates, so that as a result of that exercise we can carry out cost optimization processes, where opportunities for improvement in the hiring of affiliates can be determined,” underlined the general manager of COOPSEGUROS, Estón Fulcar.
ABOUT THE AGREEMENT The agreement establishes that COOPSEGUROS will offer comprehensive coverage for the risks inherent in COOPNAMA’s operations, in addition to designing specialized insurance plans for its associates, which will allow for cost optimization through economies of scale, access to preferential conditions, and the availability of additional facilities for the benefit of the membership.
Regarding the scope of the agreement, the Chairman of the Board of Directors of COOPSEGUROS, Manuel Gutiérrez, stated that the increase in capital contribution constitutes a clear sign of confidence and institutional support from COOPNAMA, and assured that this investment will generate direct benefits for both the teachers’ cooperative and its members.
It is reminded that the National Insurance Cooperative (COOPSEGUROS) is the only insurance company organized under the cooperative model in the Dominican Republic. Founded in 1989, it began operations on January 1, 1990 with the aim of providing insurance services to the cooperative movement and the general public, under a solidarity and mutualist vision.
In addition, it offers a wide range of personal and group insurance, including life, personal accident, health/ARS, property and casualty insurance, motor vehicles, fire and allied lines, medical liability, all-risk construction, transportation and cargo, bonds and other technical branches.
The president of the Teachers’ Cooperative, Prof. Santiago Portes, was accompanied during the press conference by professors Francisco Santana, president of the Supervisory Board; Felicia Contreras, secretary of the Board of Administration.
From the administrative part, the managers were present: Ubaldo León; Lino Hernández; Eleodoro Almonte; José Sánchez and Clecencio Almonte. In addition to Wilfredy Severino, Rafael Santana; Jharle Olivo and Ariel Castro.
