Santander Spain and MAPFRE create alliance to distribute automobile, self-employed and company insurance

The CEOs of MAPFRE Spain, José Manuel Inchausti, and Santander Spain, Rami Aboukhair, have today signed an agreement through which the banking group will exclusively distribute automobile, commercial multirisk, SME multirisk and third-party liability throughout the Santander network in Spain until December 2037. Both companies will incorporate a new entity, to which MAPFRE will contribute 82.2 million euros in return for 50.01 percent of the capital. Santander Insurance will hold the remaining 49.99 percent.

The alliance between the leading bank in Spain and the benchmark company in the Spanish insurance market comes on the back of a competitive process undertaken by Santander to seek out the most suitable partner to drive its insurance business forward.

The CEO of Santander Bank Spain, Rami Aboukhair, stated: “this great alliance, which brings together the capacities and potential of two leading groups, will allows us to offer our clients, both corporate and individual, the most innovative product solution, digital capabilities and the highest service quality levels.”

José Manuel Inchausti, CEO of MAPFRE Spain, observed that “this is a strategic agreement that boosts MAPFRE’s commercial capacity in Spain. The alliance with Santander significantly increases our commercial reach, bringing more than 4,000 additional points of sale into play, which will perfectly complement MAPFRE’s already comprehensive agency network, comprising 3,000 offices and other current distribution channels.”

It is envisaged that the new company, the establishment of which is conditional on receiving the approval of the relevant authorities, will begin to commercialize insurance solutions in the fourth quarter of 2019.