Insurance company MAPFRE has reached an agreement with the Mexican life insurance company Insignia Life.
MAPFRE will acquire 94 per cent of shares and start jointly developing a range of life products that will boost the growth of this business in the Mexican market.
This new investment is another example of MAPFRE’s commitment to the country, as well as the confidence it has in the Mexican insurance market.
The price of the acquisition amounts to 1.6 billion Mexican pesos.
Insignia Life is an insurance company specialised in life, which has operated in the country since 2008, and currently provides services to over two million customers.
As part of the agreement, Insignia Life will continue operating as an independent brand. The company’s current management team, led by Chairman Isaac Zetune and General Manager Antonio Fernández, will continue to manage the company in this new stage. These executives will also continue to hold six per cent of the shares of Insignia Life.
“For MAPFRE, this operation is the demonstration of our full confidence in the Mexican market, where we have been present for over 30 years, and where we aspire to play a greater role in the future and continue to develop new distribution channels to provide our customers with the best service,” explained Jesús Martínez Castellanos, MAPFRE CEO in Latin America. “Moreover, this investment is part of MAPFRE’s strategy in Latin America to achieve further growth in the region’s Life portfolio.”
Zetune added: “Insignia Life, alongside MAPFRE, will expand and become more powerful, with a solid financial backing that will allow it to strengthen its growth and broaden its coverage and territorial presence.”