Insurer MAPFRE has announced that following its 51% acquisition of health insurer, ARS Palic, earlier this year, the Dominic Republic domiciled insurer has now rebranded as MAPFRE Salud ARS.
The acquisition was announced in February this year, and aims to strengthen MAPFRE’s position in the country whilst leaving the León BHD Financial Center, MAPFRE’s bancassurance partner in the region, with the remaining 49% stake in the company.
Both companies are already partners in the company MAPFRE BHD Seguros, which offers various plans to protect against personal and property risks.
With this operation, MAPFRE states that it has consolidated its position as one of the top insurers in the country, with close to €350 million in annual premiums.
José María Romero, Chief Executive Officer (CEO) of MAPFRE in the Central America and Dominican Republic Subregion, notes that the acquisition “highlights MAPFRE’s commitment to the region and the country, with a view to contributing to the improvement of people’s quality of life.”
Analysis by MAPFRE Economics, the firm’s research service, rates the Dominican Republic’s insurance market as one with high growth potential.