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BUSINESS SPAIN | 03.03.2020

The new Santander | MAPFRE Seguros company commences operations in Spain


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Comprehensive Multirisk Insurance for businesses and companies is the first joint product developed by the companies, following the agreement reached last year on the distribution of automobile, self-employment and company insurance.

After receiving all the necessary authorizations, the joint venture between MAPFRE and Banco Santander for the marketing of automobile, commercial multirisk, SME multirisk and third-party liability insurance is taking its first steps under the name Santander MAPFRE Seguros y Reaseguros.

The company, to which MAPFRE contributed 82.2 million euros for a share of 50.01 percent of the capital and in which Santander Seguros holds the remaining 49.99 percent, is the vehicle that will allow the financial institution to distribute these products exclusively until December 2037.

At the MAPFRE ESPAÑA sales meeting on January 8, José Manuel Inchausti, CEO of MAPFRE IBERIA, highlighted that “this is a strategic agreement that will enhance our sales capacity in the region, by complementing the other channels and our powerful agency network.”

He also stressed that the support and involvement of our sales and technical teams is fundamental, adding that “the key to this agreement being successful will be building a relationship based on trust between the sales networks of both companies, which is something that we are counting on.”

At the helm of Santander MAPFRE Seguros is its General Director, Olga Sánchez-Caballero, former Business sales director of MAPFRE in Madrid, who has been involved in the project from the very beginning.

The new venture is this month launching its first product aimed at businesses and companies, Comprehensive Multirisk Insurance, which will be marketed throughout the bank’s network of offices in Spain.