Spanish insurance company Mapfre has boosted its presence in Uruguay and Paraguay. The Spanish company bought two insurance companies in those countries from ABN Amro 16 August.
Mapfre was already active in both countries. The deal will take it to the number one spot in Paraguay’s insurance sector, and number two in Uruguay.
The acquisition of Real Paraguaya de Seguros will give it 24 per cent of Paraguay’s insurance market. Worth U$16.5 million, it is the biggest transaction to take place in the country’s insurance sector to date.
“This is the first acquisition of any relevance in the insurance sector, being between the top two insurance companies”, says Luis Breuer a partner at Mapfre’s Paraguayan counsel Berkemeyer Abogados.
The value of the acquisition of Real Uruguaya de Seguros, Uruguay’s oldest life insurance company, has not been disclosed. Leonardo Melos of Estudio Bergstein, Mapfre’s Uruguayan counsel says the transaction required the analysis of hundreds of Real Uruguaya de Seguros’ reinsurance agreements.
The transaction was executed in Brazil, where Mapfre and ABN Amro have their main regional offices. Azevedo Sette Advogados was retained by Mapfre to provide Brazilian advice.
Counsel to Mapfre
In-house counsel
Claudio Ramos and Miguel Goméz Bermudéz
Brazil – Azevedo Sette Advogados
Partners Ordélio Azevedo Sette and Juliano Battella Gotlib, and associates Dinir Rocha and Bruno Chaves
Uruguay – Estudio Berstein
Partner Jonás Bergstein and associates Leonardo Melos, Domingo Pereira, Patricia Spiwak and María Emilia Zaglio
Paraguay – Berkemeyer Abogados
Partner Luis Breuer and associates Yolanda Pereira and María Antonia Gwyn
Counsel to Banco ABN AMRO Real
In-house counsel
Cristiane Antunes Bernades, Roberto Maclennan and Mara Ferraro
Uruguay – Jiménez de Aréchaga, Viana & Brause
Partner Hector Viana
Paraguay – Fiorio, Cardozo & Alvarado
Partners Marcelo Alvarado, Marma Betharram Ardissone and Anmbal Insfran