Protective and MAPFRE Sign Cooperative Agreement
February 23 2010 - 1:13PM
Business Wire
The Asset Protection Division of Protective Life Insurance
Company (“Protective Life”), a wholly-owned subsidiary of
Protective Life Corporation (“Protective”), has entered into an
agreement with MAPFRE ASISTENCIA, a subsidiary of MAPFRE, S.A.,
under which the companies will work together to develop and market
vehicle service contracts and related insurance products outside of
the United States and Canada. The two companies are collaborating
on product development, retail distribution, reinsurance, contract
administration, and training solutions.
John D. Johns, Chairman, President and CEO of Protective said:
“We are delighted to have this opportunity to join forces with
MAPFRE in marketing vehicle service contracts and related insurance
products throughout the world. MAPFRE is one of the most highly
regarded insurance providers in diverse markets globally. We look
forward to working collaboratively with the MAPFRE team to open new
growth opportunities for both companies as a result of this new
cooperative relationship.”
Jose Manuel Martinez, President and CEO of MAPFRE said: “We are
sure that, with this collaboration, both entities will enlarge our
capabilities in order to become a standard in the vehicle service
contract industry all around the world. PROTECTIVE is a very well
respected company within the insurance market and its knowledge on
underwriting and training will place our subsidiary, MAPFRE
ASISTENCIA, in the best position for jointly presenting the most
attractive solutions to OEM´s and Dealers outside of the United
States and Canada.”
About Protective:
Protective is a financial services company with $42.3 billion of
assets as of December 31, 2009, headquartered in Birmingham,
Alabama. The Asset Protection Division is an operating division of
Protective Life and is a leading provider of service contracts, GAP
and credit insurance to the automotive, marine and recreational
vehicle industries in the United States.
The Asset Protection Division offers its products and services
through automobile, marine, RV, and power sports dealers providing
consumers protection against losses they may experience after
purchasing and financing major consumer assets such as automobiles,
boats and recreational vehicles. These programs include extended
service contracts, GAP coverage, and credit insurance. Protective
Life Insurance Company serves as the primary underwriter for credit
insurance marketed through the Asset Protection Division in the
United States, and Lyndon Property Insurance Company serves as the
primary underwriter for its other products in the United
States.
About MAPFRE:
MAPFRE is the leading Spanish insurance company, with presence
in 43 countries - especially in the Latin American markets, where
the group is the leading non-life insurer. MAPFRE has more than
35,200 employees and more than 20 million customers throughout the
world. In 2009, it recorded a net result of nearly EUR 927 million
and revenues of EUR 18.8 billion.
MAPFRE ASISTENCIA is MAPFRE Group’s company specialising in
assistance and specialty risks. Present in 40 countries worldwide,
it has a portfolio of over 1,300 corporate clients, which integrate
74 million people. Its business strategy stands out for its
capacity to anticipate and adapt to market needs. MAPFRE ASISTENCIA
has more than 181 million beneficiaries worldwide.
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