Spanish insurance firm Mapfre has reached an agreement to acquire 51% stake in Dominican health insurance firm ARS Palic.

Mapfre is acquiring the stake from León BHD Financial Center, which will continue to own the remaining stake.

Both the firms are already partners in Mapfre BHD Seguros, which deliver a wide range of asset-risk protection plans.

The latest stake acquisition is expected to further bolster Mapfre’s position as one of the key insurers in the Dominican Republic.

It is now expected to have approximately €350m in annual premiums.

Post-acquisition, ARS Palic will operate under MAPFRE Salud ARS brand.

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With more than 900,000 customers, ARS Palic is said to have nearly to €200m in annual premiums.

Mapfre CEO of the LATAM North region Jesús Martínez said: “This partnership with the León BHD Financial Center demonstrates Mapfre’s commitment to the insurance market and the social security system of the Dominican Republic.”

León BHD Financial Center chairman Luis Molina Achécar said: “With this agreement, we are replicating the successful partnership within Mapfre BHD Seguros, strengthening our business capacities in the health sector and improving the value propositions that we offer our clients.”

The Spanish insurance company employs more than 34,000 people and posted revenues of about €28.5bn in 2019, and reported a net profit of €609m.