CORPORATE | 11.27.2020
ARS Palic becomes MAPFRE Salud ARS in the Dominican Republic
MAPFRE strengthens its position as one of the country’s insurers with the launch of a new brand and image for the health company acquired earlier this year
The new brand MAPFRE Salud ARS—the new trading name for the former ARS Palic—was recently launched in the Dominican Republic following the acquisition of the health insurance company at the start of this year. The company has become a benchmark in the Dominican health market thanks to its high service standards. It earns nearly 200 million euros in annual premiums and has over 900,000 clients.
In February, MAPFRE acquired 51 percent of the company from the BHD León Financial Center, which continues to own the remaining 49 percent. 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 has consolidated its position as one of the top insurers in the country, with close to 350 million euros in annual premiums. José María Romero, CEO of MAPFRE in the Central America and Dominican Republic Subregion, explains that this operation “highlights MAPFRE’s commitment to the region and the country, with a view to contributing to the improvement of people’s quality of life.”
MAPFRE Economics, MAPFRE’s research service, rates the Dominican Republic’s insurance market with a high growth potential. It values the market potential as more than 6 billion dollars, i.e., five times the current market in the country.