The company has announced plans to create a joint venture with the World Panamanian group will be the first sector in Central America and will be controlled by the Spanish company, with 65% of the capital. In a statement, Mapfre explained that the joint venture will bring together its subsidiaries in El Salvador, while the World contain, in addition to its Salvadoran subsidiary, its insurance business in Panama, Costa Rica, Nicaragua, Honduras and Guatemala, where the Spanish company had a limited presence, as it only provided services for assistance. The company will have $ 223 million and an equity premium of 101.1 million euros, but will have greater presence in El Salvador and Panama, where World Insurance is the third insurer with a market share of 15.67%.
World Mapfre and have ensured that the agreement “will be a significant source of value creation, and will enhance its competitive position in the region.” Both companies expect that the terms final operation is formalized this month, although the creation of the company will require administrative authorization will be resolved in 2010. Spanish insurer is confident that “the operation will be an important new growth path that will facilitate its expansion in the area of Central America, and significantly strengthen its management capacity with the addition of the management teams of the various countries where it operates World Insurance . The transaction values American press at 210 million dollars (140 million euros), leaving the door open to acquiring in 2011 the remaining 35% of the joint venture..