Mapfre acquires Insignia Life

The Mapfre Group has acquired a 94% majority stake in Insignia Life, a Mexican life insurance company. The transaction is valued at 1.61 billion MXN (96.4 million USD).

Under the terms of the agreement, Insignia Life will operate as an independent brand. The current management team, made up of President Isaac Zetune and General Manager Antonio Fernández, will continue to exercise their functions and hold 6% of the company's shares.

Pending approval by the relevant authorities, the transaction should enable Mapfre to strengthen its life insurance portfolio in Mexico.