The asset protection division of Protective Life Insurance Company, a wholly-owned subsidiary of Protective Life, has entered into an agreement with Mapfre Asistencia, a subsidiary of Mapfre, under which both companies will work together to develop and market vehicle service contract and related insurance products outside of the US and Canada.
Under the agreement, two companies will collaborate on product development, retail distribution, reinsurance, contract administration, and training solutions.
John Johns, chairman, president and CEO of Protective, said: “We are delighted to have this opportunity to join forces with Mapfre in marketing vehicle service contracts and related insurance products throughout the world.
“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.”
Jose Manuel Martinez, president and CEO of Mapfre, said: “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.
“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 OEM´s and Dealers outside of the US and Canada.”