Mapfre to take 38.9% stake in Spanish insurtech operator Tuio

Mapfre has agreed to get a 38.9% holding successful Tuio, a integer security distributor based successful Spain, done a operation of a stock acquisition and information successful a superior increase.

Under the presumption of the agreement, Mapfre volition acquisition shares from a fig of Tuio's existing shareholders earlier taking portion successful the superior raise.

The deal, the fiscal presumption of which person not been disclosed, is inactive taxable to the applicable regulatory approvals.

Tuio was established successful Spain successful 2021 and presently operates solely successful the home market.

The institution plans to usage the concern to money its planetary expansion, which is owed to statesman adjacent twelvemonth crossed Europe and Latin America – regions wherever Mapfre already has an established presence.

Since its founding, Tuio has centred its concern exemplary connected technology, digitalisation and the usage of agentic AI crossed its security operations, spanning aggregate lines of business.

Mapfre said the transaction would backmost Tuio's enlargement plans successful Spain alongside its determination into caller markets and would velocity up the improvement of further technological capabilities.

Mapfre said Tuio "was the archetypal insurtech to afloat integrate into ChatGPT, which present generates much than 20% of its caller clients".

In its statement, Mapfre said: "This concern gives Mapfre the accidental to fortify its committedness to much agile, personalised organisation models connected to caller user needs, combining technological imaginable with the differentiating worth of quality advice."

Separately, Mapfre Re, the group's reinsurance unit, appointed Fernando Utrilla Agüero arsenic main fiscal serviceman successful April, successful a planned succession up of the status of Daniel Quermia.

The reinsurer said its committee approved the assignment arsenic portion of a succession process designed to guarantee continuity successful its fiscal leadership, drafting connected Agüero's acquisition wrong the wider Mapfre Group.

"Mapfre to instrumentality 38.9% involvement successful Spanish insurtech relation Tuio" was primitively created and published by Life Insurance International, a GlobalData owned brand.