MAPFRE has entered into an agreement with the León BHD Financial Center, its bancassurance partner in the Dominican Republic, to acquire 51% of the health insurance company ARS Palic.
The transaction is expected to help MAPFRE consolidate its position in the country, and will leave the León BHD Financial Center with the remaining 49% stake in ARS Palic.
Both companies are already partners in MAPFRE BHD Seguros, which offers various asset-risk protection plans throughout its own offices and the network of the León BHD Financial Center.
Following the acquisition, ARS Palic will change its name to MAPFRE Salud ARS.
“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,” said Jesús Martínez, MAPFRE’s CEO of the LATAM North region.
Luis Molina Achécar, Chairman of the León BHD Financial Center, also commented: “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.”