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MADRID, Spain MAPFRE ASISTENCIA, the assistance arm of the Spanish insurance giant MAPFRE, has signed a collaboration agreement with the German company Febs A.G. which enables it to launch into the German pecuniary loss insurance sector.
The Spanish company only recently has launched itself into the German commercial and industrial insurance market.In this latest move, Febs AG will distribute MAPFRE's GAP Insurance products policies that cover financial loss to cars that are written off because of fire, theft or accident to its manly financial services clients.
MAPFRE ASISTENCIA, that designs its products mainly for the elderly and tourist trade, will underwrite the risks, handle claims and provide marketing support.
The agreement was signed by Nikos Antimissaris, General Manager of MAPFRE ASISTENCIA, and Volker Stegmann, chairman of the board of directors of Febs A.G.
The German announcement follows news that MAPFRE has also entered the Italian motor market though an alliance with Italian non-life insurance group Societa Cattolica Di Assicurazioni.