MAPFRE THE WINNER IN BID FOR MUSINI NON-LIFE ARM

Spanish insurance group Mapfre has been successful in its bid for the non-life business of state-owned local industrial risks insurer Musini, acquiring the unit from Spain’s state holding company SEPI through its Mapfre Caja Madrid Holding operation, a joint venture between the group and savings bank Caja Madrid in which Mapfre has a controlling 51% interest. In 2002 Musini recorded combined life and non-life net profits of 24.4m euro.