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Report: 2 Mexican insurers agree to merge

Mexican insurance and risk consulting group 4P/MX has signed a merger deal with insurance firm Integra Agente de Seguros y Fianzas, El Economista reported.

4P/MX director Vicente Ariztegui Legorreta said the company now aims to position itself as one of the 10 largest insurers in Mexico during the coming years, the publication reported.

He added that Integra has a strong focus on life insurance, which will complement 4P/MX's strengths in serving the corporate segment, mainly medium-sized and large companies.

The merger will also help the companies exceed 100 million Mexican pesos in premiums and have a total headcount of 170 employees, according to the report, which did not detail the terms of the deal.

As of Dec. 13, US$1 was equivalent to 19.11 Mexican pesos.