MAPFRE acquires Insignia Life to boost the growth of life insurance in Mexico
MAPFRE, the largest insurance company in Latin America, has reached an agreement with the Mexican life insurance company Insignia Life, to acquire 94% of shares and to 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 operation amounts to 1.6 billion Mexican pesos, equivalent to approximately 86 million euros at the current exchange rate. An additional variable price has also been agreed depending on the achievement of objectives. Insignia Life is an insurance company specialized in Life, which has operated in the country since 2008, and currently provides services to over two million customers. It has always been at the forefront of technology to offer constant innovation and agility in its services, with a firm belief in people, their projects, and the future of Mexico. It currently has a portfolio worth 105 million euros.
As part of the agreement, Insignia Life will continue operating as an independent brand. The company’s current management team, led by its Chairman, Isaac Zetune, and its General Manager, Antonio Fernández, will continue to manage the company in this new stage. These executives will also continue to hold 6% 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 LATAM. “Moreover, this investment is part of MAPFRE’s strategy in Latin America to achieve further growth in the region’s Life portfolio.”
“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. Our channel of promoters and agents has proven to be the road to success, and we will continue to underpin growth in the same way, meaning we will continue to be by agents for agents. We are determined to have a high performance and work with the best practices and technologies that exist, meeting our obligations without any excuses,” explained Isaac Zetune, Insignia Life Chairman.
The closing of the operation is subject to authorization by the corresponding regulators of the Mexican market. For the conversion of Mexican pesos to euros, the current exchange rate has been applied, 18.6 pesos per euro.
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