Mapfre has agreed to acquire a 38.9% holding in Tuio, a digital insurance distributor based in Spain, through a combination of a share purchase and participation in a capital increase.
Under the terms of the agreement, Mapfre will purchase shares from a number of Tuio’s existing shareholders before taking part in the capital raise.
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The deal, the financial terms of which have not been disclosed, is still subject to the relevant regulatory approvals.
Tuio was established in Spain in 2021 and currently operates solely in the domestic market.
The company plans to use the investment to fund its international expansion, which is due to begin next year across Europe and Latin America – regions where Mapfre already has an established presence.
Since its founding, Tuio has centred its business model on technology, digitalisation and the use of agentic AI across its insurance operations, spanning multiple lines of business.
Mapfre said the transaction would back Tuio’s expansion plans in Spain alongside its move into new markets and would speed up the development of further technological capabilities.
Mapfre said Tuio “was the first insurtech to fully integrate into ChatGPT, which now generates more than 20% of its new clients”.
In its statement, Mapfre said: “This investment gives Mapfre the opportunity to strengthen its commitment to more agile, personalised distribution models connected to new consumer needs, combining technological potential with the differentiating value of human advice.”
Separately, Mapfre Re, the group’s reinsurance unit, appointed Fernando Utrilla Agüero as chief financial officer in April, in a planned succession ahead of the retirement of Daniel Quermia.
The reinsurer said its board approved the appointment as part of a succession process designed to ensure continuity in its financial leadership, drawing on Agüero’s experience within the wider Mapfre Group.
