L-R: Antonio Huertas, Chairman of MAPFRE,
This new range of products will be sold on an exclusive basis in the 18 countries in which the Group holds insurance operations.
Antonio Huertas, Chairman of MAPFRE, and Peter Barrett, Global Managing Director of the Lifestyle Protection Division of Genworth, have signed an exclusivity agreement whereby the insurer, the second largest global operator in the region, will distribute Lifestyle Protection products across 18 Latin American countries where they currently have insurance operations.
Through this new range of products, which complements the MAPFRE insurance offer in those countries, both companies aim to significantly increase their business in the region. They will offer protection to their customers, thereby helping them to meet their credit obligations in the event of accident, sickness, unemployment or death. In addition, the wide range of Genworth products also envisages the protection of assets, thereby allowing policyholders to maintain their standard of living when faced with an unexpected event.
“MAPFRE’s extensive distribution reach as the leading non-life Insurer in Latin America and Genworth’s expertise in underwriting these risks is a winning combination”, explained Peter Barrett. “We are very pleased to build our presence in Latin America with such a respected partner”. Antonio Huertas, respectively, has stated that "we are very pleased with this agreement. Genworth's global experience and outstanding capability to design such innovative and highly competitive products allows us to expand our ample insurance offer in the region."
Genworth’s Lifestyle Protection Division partners with more than 250 global distributors in over 20 European markets, with an expanding global presence in Latin America and Asia. It is part of Genworth Financial, Inc. (NYSE: GNW), a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures.
MAPFRE is a global insurance group, which operates in over 45 countries on five continents. Market leader in Spain and in the Non-Life segment in Latin America, making them the second largest group in the region. MAPFRE has nearly 35,000 employees and more than 23 million customers worldwide. In 2011, the Group reported net profit of 963 million euros and revenues above 23,530 million euros. The Group is listed on the Madrid and Barcelona Stock Exchange and is part of the IBEX 35.
For further information
Dirección de Comunicaciones de Mapfre
Genworth Public Relations Asia -Latin America
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com