Mapfre, S.A. (BME:MAP) entered into an agreement to acquire 94% stake in Insignia Life S.A. de C.V. for MXN 1.6 billion on July 27, 2023. An additional variable price has also been agreed, which be paid in line with the achievement of objectives. As part of the agreement, Insignia Life will continue operating as an independent brand.

The company?s current management team, led by its president, Isaac Zetune, and general manager, Antonio Fernández, will continue to run the company in this new stage. These executives will also continue to hold 6% of the shares of Insignia Life. Completion of the transaction is subject to authorization by the corresponding regulators of the Mexican market.