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MADRID, SpainSpain's biggest insurance group Corporación Mapfre S.A. has agreed a memorandum of understanding to take over the business of fellow Spanish mutual insurance group Mutua Valenciana Automovilista.
Mutua Valenciana is mainly a motor insurer. Under the deal, it will transfer its motor portfolio to Mapfre Automóviles. Other business lines will be integrated into other subsidiaries of Mapfre.
Mapfre said that both parties will jointly define the most "appropriate" legal structures to carry out the integration, as well as its economic terms.
The Madrid-based company said that terms will be worked out in consultation with reports prepared by independent experts on the basis of the annual accounts for fiscal year 2006 that are currently being drafted.
Once these reports have been finished, they will be submitted for approval to Mutua Valenciana's General Assembly. Mapfre said that the terms of the agreement will protect the rights of the policyholders, staff and intermediaries. It will also ensure the continuation of Valenciana's subsidiaries and its core petrol station, car repair and radio-taxi services that are currently provided to its policyholders.
Last year, Valenciana reported revenues of more than €130 million from 300,000 clients that was generated by 390 employees working in 71 branches. It is strong in the Valencia and Andalusia regions.