Mapfre strengthens position in Dominican Republic

Spanish re/insurer Mapfre has strengthened its position in Dominican Republic with the launch of Mapfre Salud ARS, a health insurance company it acquired earlier this year.

ARS Palic has been rebranded as Mapfre Salud ARS. The company earns nearly €200 million in annual premiums and has over 900,000 clients in Dominican Republic.

In February, Mapfre acquired 51 percent of the company from the BHD León Financial Center, which continues to own the remaining 49 percent. Both companies are already partners in the company Mapfre BHD Seguros, which offers various plans to protect against personal and property risks.

José María Romero, CEO of Mapfre in the Central America and Dominican Republic Subregion, said the move "highlights Mapfre's commitment to the region and the country, with a view to contributing to the improvement of people's quality of life."

The insurer sees the Dominican Republic's insurance market with a high growth potential, valuing it at more than $6 billion.