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."