MAPFRE has signed an agreement with UK insurer Direct Line Group to acquire its motor insurance subsidiaries in Italy and Germany for 50 million euros. The transaction reflects the Spanish company’s firm commitment to online direct insurance, and reinforces its presence in Europe.
The businesses in Italy and Germany add premiums of 714 million euros and 1.6million clients, and generate profits before taxes of 19.5 million euros, as per the latest results from 2013.
Direct insurance has been a high-growth segment in both countries recently – it has grown by 74 percent and 38 percent over the last five years in Italy and Germany respectively.
“The assets acquired in Italy and Germany are clearly a key investment for MAPFRE, given that they underpin two central pillars of our global growth strategy: increasing our presence in Europe, and their alignment with our firm commitment to the digital business”, stated Antonio Huertas, MAPFRE’s Chairman and CEO.