Protective and MAPFRE to Cooperatively Develop Insurance Products
CHESTERFIELD, Mo. - The Asset Protection Division of Protective Life Insurance Co. has entered into an agreement with MAPFRE Asistencia, under which the companies will work together to develop and market vehicle service contracts and related insurance products outside of the United States and Canada.
The two companies are collaborating on product development, retail distribution, reinsurance, contract administration and training solutions.
John D. Johns, chairman, president and CEO of Protective, said: "MAPFRE is one of the most highly regarded insurance providers in diverse markets globally. We look forward to working collaboratively with the MAPFRE team to open new growth opportunities for both companies as a result of this new cooperative relationship."
"We are sure that, with this collaboration, both entities will enlarge our capabilities in order to become a standard in the vehicle service contract industry all around the world," said Jose Manuel Martinez, president and CEO of MAPFRE. "Protective is a very well-respected company within the insurance market and its knowledge on underwriting and training will place our subsidiary, MAPFRE Asistencia, in the best position for jointly presenting the most attractive solutions to OEMs and dealers outside of the United States and Canada."
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