The Spanish company increased its stake in the Cattolica Assicurazzione group this year.
The insurance companies Mapfre and Generali have been awarded the XII Tiepolo Prize, given by the Chambers of Commerce of Madrid and Italy in Spain, for the investments made in both countries and the "dynamizing" role they have played in their economies.
According to these chambers of commerce, Mapfre has been the Spanish company that has made the largest investment in Italy this year, by increasing its stake in the Cattolica Assicurazzione Group and acquiring 50 percent of its automotive subsidiary.
The leading insurer in the Spanish market has reached an agreement with Católica to operate in the Automobile sector in Italy, occupying the fifth position in the sector, in an operation that involves an investment of 473 million euros.
Mapfre Católica Auto, owned 50 percent by both entities, has an initial business volume of over one billion euros and has a network of more than 1.400 agencies distributed throughout Italy.
For its part, Generali, the leader in the Italian market and the third largest insurance group in Europe, has become the fifth largest insurer in the Spanish market and "one of the most important Italian business entities in this country, as a result of its constant and firm commitment to it," the chambers highlighted in a statement.
The insurer, present in 40 countries, has been operating in Spain since 1834 and currently integrates two companies with a tradition of more than a century, namely Estrella and Vitalicio.
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