The interest of grouping companies with a similar level of strategy is given by the need to work with a manageable number of groups with similar labels, looking for a common strategic behavior that can be related to different contingencies as a response previously cataloged. Strategic groups are a powerful tool to identify the relative competitive position of the companies, facilitating the rivalry study. Considering the above, this study focuses on the identification and evolution of the strategic groups of the Colombian insurance sector for the period 2012-2018. Through the use of scope, development, and outcome variables, the cluster method is applied for determine the groups of companies with similar strategies and the discriminant analysis to validate the grouping obtained. Four strategic groups are identified for the most recent years (2014-2018); it means, it is possible to identify insurance companies that follow similar strategies, it is observed that these groups are stable over time, both in number and composition. These results are relevant to understand the competitive space in which Colombian insurance companies operate and to identify a group structure to help in the selection of the optimal strategy to be followed by each company, at the time to understand the evolution and dynamics of the sector.