18 February 2020Insurance

Mapfre acquires majority stake in Dominican insurer ARS Palic

Spanish re/insurer Mapfre is acquiring a 51 percent stake in Dominican health insurance company ARS Palic from León BHD Financial Center, in a move aimed at expanding its Latin American presence.

The acquisition positions Mapfre to become one of the top insurers in the Dominican Republic, with more than €350 million in annual premiums.

Following the deal, ARS Palic will change its name to Mapfre Salud ARS.

Jesús Martínez, Mapfre's CEO of the LatAm North region, said: "This partnership with the León BHD Financial Center demonstrates Mapfre's commitment to the insurance market and the social security system of the Dominican Republic."

Luis Molina Achécar, chairman of the León BHD Financial Center, said: "with this agreement, we are replicating the successful partnership within Mapfre BHD Seguros, strengthening our business capacities in the health sector and improving the value propositions that we offer our clients."

Already registered?

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

Insurance

Reinsurance unit drives solid growth at MAPFRE as earnings spike

12 February 2020 Gross written premiums also rose, thanks to solid performance in Spain and Latam North.

Insurance

More advanced regulators leading to fragmented practices: Mapfre

11 September 2019 The role of regulators and supervisors is essential in the new technological and disruptive context of the insurance market, but different levels of advancement are leading to fragmented regulatory and supervisory practices, Ricardo González García of Mapfre told FIDES Today.

Insurance

Mapfre continues LatAm expansion with bancassurance deal

21 August 2020 The new partnership between Mapfre Paraguay and Sudameris Bank will continue until June 2035.