Spain-based MAPFRE SA will create a Panama-based headquarters that will operate as a sub-unit of the insurer catering to the northern region of Latin America, El Capital Financiero reported.
The new regional unit will integrate all MAPFRE activities in Central America, including Panama, Honduras, El Salvador, Guatemala, Costa Rica, Nicaragua and the Dominican Republic.
The move is part of the changes being made by the insurer in its international structure, which include merging its Europe, Middle East and Africa operation with its Asia-Pacific business to form a new Eurasia unit and exiting five states in the United States.
