Mutua Madrileña takes a key step to consolidate its international expansion after the purchase of 45% of the State Insurance shareholder, thanks to an agreement that will allow it to take control of the Colombian insurer – the second in the general insurance market ranking – from the fourth year. With this, the Spanish company complies with another key chapter of its three-year Strategic Plan, which should culminate next year with the consolidation of its insurance business globally.
The operation, approved by the boards of directors of both entities, will materialize in the first months of next year, once the authorizations of the competent bodies and regulatory bodies have been obtained. This agreement – which comes two years after the Spanish company began its international expansion with the purchase of the Chilean BCI group – repeats the success model carried out in Chile, based on “stable alliances that allow the development of the insurance business in each country, ”the company explained in a statement.
For Ignacio Garralda, president of the Mutua Madrileña Group, this operation «meets all the criteria we have set for continuing our international expansion, entering a stable market and with high development prospects, with the help of a local partner with a excellent corporate reputation and with a company that is in the top positions of the insurance sector in Colombia ».
Seguros del Estado is the second Colombian insurer, with a market share of 11% and a premium volume of 359 million euros at the end of 2018. Its activity is basically concentrated in the Non-Life business, which represents 91% of The Billing. The company has 3.5 million insured, 1,550 employees, more than 5,000 points of sale and 37 own branches in 24 cities.
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