Mutua Madrileña expands its participation in the chilean Bci Insurance from 40% to 60%

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Mutua Madrilena has given the green light to the expansion of its participation in the insurer chilean Bci Insurance , a leader in the country, 40% to 60% by acquiring a control position by an amount of 113 million of euros, have been reported from the insurance company. The remaining 40% will remain in the hands of Empresas Juan Yarur. Both Mutual as Yarur will maintain their strategic alliance to continue growing in the chilean market . Bci Insurance will continue to operate along the bank of the Group Yarur.

The board of directors of Mutua Madrileña, chaired by Ignacio Garralda, has approved the operation, one more step in the internationalization. once you have completed the operation Mirenchu Villa, current deputy director general of International and Afliates of Group each other, as well as the vice president of Bci Insurance, will assume the presidency of the company .

From the Spanish firm have stressed that Bci Insurance is the first business of general insurance in Chile and the second in the life insurance non-pension, with an annual revenue of about € 700 million and about 1,200 employees. Bci Seguros is an insurance group formed by Bci Seguros Generales, Bci Life, Zenith Insurance and Helps company this last one specialized in assistance.

With the consolidation in the accounts of Mutual of Bci Insurance by global integration, the premium income of Group Mutua Madrilena will reach for the first time next year to 6,000 million of euros and the consolidated balance sheet of the company, shall not exceed 12,000 million.

Bet on Chile

Mutual confirms with this operation your bet on Chile and its partnership with Companies Yarur , which already develops a new strategic business plan for 2021-2023, with the aim of reforar the leadership in that market.

Mutua Madrileña gave his first step outside of Spain in 2016, when he entered in Bci Insurance buying 40% of the insurance company for 209 million euros. In November of last year, the insurer Spanish entered the capital of the colombian Insurance of the State taking a 45% stake.

In the opinion of the president, Group, Mutual, Ignacio Garralda , this operation is a “show of confidence” in Chile and “a recognition of the good performance of the company in these four years, in which professional teams chileans and spaniards have been known to work together in a common goal: to strengthen the leadership of Bci Insurance as the first company of its sector”.