The Insurance Superintendence announced yesterday that insurance company Segna, originally part of the ailing Bancredito group, is to be dissolved. Rafael Santos Badia, insurance superintendent, assured that all clients’ funds would be guaranteed. The decision was made because the company has debts of RD$2 billion and a deficit of RD$1.2 billion, according to a government source. An interim committee is being set up to oversee the transition period, in which the companies’ assets will be sold, under the supervision of the insurance sector associations to ensure the process is handled correctly. Segna was until last year the market leader, but with the announcement that its parent company Bancredito was in trouble, a potential buyer for the company pulled out, leading to the current situation, said Santos Badia. The Leon Group and its Banco Profesional announced earlier this year the takeover of the local banking operations of Bancredito. The new owners have said that a new name will be announced in two weeks time, with the completion of the due diligence period underway at present.