Provident Capital Indemnity Completes 5 Year Turn-Around Under Management

Online, November 8, 2010 (Newswire.com) - Provident Capital Indemnity, the specialist insurance and re-insurance company, is pleased to announce the successful turnaround of the business under its management team led by Dr Minor Vargas.

Dr Vargas became President and CEO of the Company in 2005 and subsequently appointed a new board of directors to the Company consisting of Dr Claudio Ansorena, a former economist for the Inter American Development Bank (IDB) in Washington DC, David Aguilar who holds an MA in Economics from the University of San Francisco, and Eduardo Montero, Administrator and Private Accountant.

The restructuring of the Company followed the dismissal of the Company's former Senior Executives and principal Stockholders for gross misconduct during 2002 to 2004.

Dr. Minor Vargas, President and CEO of Provident Capital Indemnity, commented:
"Despite the significant adverse publicity caused to the Company by the actions of our former Senior Executives, we took the brave decision to retain the Company's name and tackle head-on the legacy issues created by their actions. Whilst it has undoubtedly been a challenging five year period, I am delighted to say the benefits of our full managerial and operational restructuring are now bearing fruit. I accept, however, there is still much work to be done in the area of repairing our public reputation. We are now working hard on that front."

Founded in 1991, Provident Capital Indemnity 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. www.providentinsurances.com

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Further information

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