Mapfre continues LatAm expansion with bancassurance deal

Spanish re/insurer Mapfre has partnered with Paraguay's Sudameris Bank to expand its bancassurance business and footprint in Latin America.

Under the partnership, the bank will distribute Mapfre's insurance and assistance products through its insurance brokers in the country.

The bancassurance partnership between Mapfre Paraguay and Sudameris Bank will continue until June 2035.

Pierina Pumarol Santos, CEO of Mapfre Paraguay, said: “This is a strategic agreement that increases Mapfre’s trade capacity in Paraguay. The Sudameris partnership increases our reach with more than 20 points of sale. It also complements our already powerful agency network, made up of 34 offices, and the other existing distribution channels.”

Jerónimo Nasser, Sudameris Bank CEO, added: “By pooling the skills and potential of two leading groups, this great partnership will mean that we can offer our clients—businesses and private individuals alike—the most innovative product offering, digital skills and the best quality service.”