MAPFRE AND INSULAR TO MERGE PHILIPPINES NON-LIFE OPERATIONS

Spain-based insurer Mapfre and Philippines-based composite Insural Life are to merge their non-life operations in the Philippines to create Mapfre Insular. The new business will be 75% owned by Mapfre and 25% owned by Insular. Mapfre Asia CEO Luis La O said that the merger offered Mapfre the opportunity to leverage Insular Life’s sales and agency network.