Mapfre restarts life business in Chile

MADRID - Corporacion Mapfre has agreed to sell its 45% stock in Euroamerica Vida to develop its own life business in Chile. The buyer has not been identified. Mapfre said the 45% stock has been valued at Pta3bn (US$20m. Euroamerica Vida is a holding company of a group of insurance and financial subsidiaries. Nevertheless, the Spanish insurer will still keep 100% stock of Euroamerica Seguros Generales, its Chilean general insurance arm, through Mapfre America, the company holding the group's non life Latin American subsidiaries. The eventual goal of the operation is to develop a life insurance business in which Mapfre will hold a majority stock.