Mapfre could launch mortgage unit

The Peruvian unit of Spanish insurer Mapfre is considering the launch of a mortgage financing unit, Lima-based financial daily Gestión reported.
Mapfre Perú has the capacity to enter the mortgage financing business and so it is a project under consideration, the paper reported VP Mario Payá as saying.

The Mapfre unit would grant mortgage loans and later offer those in securitized form to institutional investors like insurers and private pension fund managers, according to the report.

Mapfre is betting strongly on Latin America and Peru for growth and earlier this year bought Peruvian insurer Latin Seguros for US$13.4mn.

Mapfre is a top five player both in Peru's non-life and life markets and one of the largest insurance groups in Latin America.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: November 12, 2007

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