Furthermore, Mapfre and Insignia Life will collaborate on a range of life products that aim to boost the growth of life insurance in the country.

The deal cost MXN1.6bn ($95.4m) and a variable price has also been agreed depending on target success.

In addition, as part of the deal, Insignia Life will continue as an independent brand. The firm’s current management team, led by chairman Isaac Zetune, and its general manager Antonio Fernandez, will continue to manage the company at this stage. They also hold 6% of the shares in Insignia Life.

“For MAPFRE, this operation is the demonstration of our full confidence in the Mexican market, where we have been present for over 30 years, and where we aspire to play a greater role in the future and continue to develop new distribution channels to provide our customers with the best service,” explained Jesús Martínez Castellanos, MAPFRE CEO in LATAM.

“Moreover, this investment is part of MAPFRE’s strategy in Latin America to achieve further growth in the region’s Life portfolio.”

“Insignia Life, alongside MAPFRE, will expand and become more powerful, with a solid financial backing that will allow it to strengthen its growth and broaden its coverage and territorial presence. Our channel of promoters and agents has proven to be the road to success, and we will continue to underpin growth in the same way, meaning we will continue to be by agents for agents. We are determined to have a high performance and work with the best practices and technologies that exist, meeting our obligations without any excuses,” explained Zetune.

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The deal is still subject to regulatory approval in the Mexican market.