Mapfre Sells Aseguradora Mundial in El Salvador

The company was no longer offering their policies since April, 2010, and their main asset was a license to operate in the Salvadoran insurance market.

Thursday, October 7, 2010

The establishment in 2009 of holding company Mapfre La Centroamericana, whose stock is owned 65% by Mapfre Mundial Holding, joined regional operations with Panamanian Aseguradora Mundial.

Since they already had their own business (Mapfre La Centroamericana), consolidation of operations involved the sale of Aseguradora Mundial S.A.- Personal Insurance, which had losses of $ 247,000 at the end of June 2010.

Other Aseguradora Mundial companies in the region will remain operating as part of the Mapfre La Centroamericana holding.

Sources: Fitch Central America and Elsalvador.com.

More on this topic

New Insurer to Operate in El Salvador

August 2011

The insurance company Vivir, specializing in the health sector is to start operations in El Salvador.

The company, mostly funded by Dominican capital, has been authorized to sell insurance to people in the fields of life, health and personal accident.

An article in Elsalvador.com reports, "In September 2010, Aseguradora Mundial made an endorsement of share certificates and now 60% of the shares belong to the Vivir Insurance Company S.A. of Panama who hold the company's shares with ARS Humano who are based in the Dominican Republic.

Mapfre Begins Operations in Honduras

July 2011

The Spanish insurance group has requested authorization to change the name of Aseguradora Hondureña Mundial to ‘Seguros Mapfre Honduras’.

The Spanish group has completed the purchase process, which began in 2010, of shares held by Aseguradora Mundial in Panama and its subsidiaries in Nicaragua, Costa Rica, El Salvador, Guatemala and Honduras.

Mapfre Confirms Association with Aseguradora Mundial

December 2009

The resulting society will merge Mapfre's operations in El Salvador and Mundial's branches in Costa Rica, Nicaragua, Honduras and Guatemala.

This transaction is estimated in $210 million for 65% of the resulting society's equity. Mapfre has the option to buy the remaining 35% in 2011.

Aseguradora Mundial Guatemala's rating upgraded to AA-(gtm)

July 2008

Fitch based the rating on the solid operating performance, wide reinsurance coverage, and on the strength and experience of Grupo Mundial, amongst other factors

The rating outlook is Stable. The main aspect that limits the rating is the relatively high portfolio of outstanding premiums, which can create an element of risk with regards to liquidity.

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Mapfre Seguros Costa Rica

Organization that operates in Costa Rica.
Phone: (506) 2010-3000

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