Protective, MAPFRE Sign Agreement for Non-U.S. Vehicle Service

February 24, 2010

The Asset Protection Division of Protective Life Insurance Company, a wholly-owned subsidiary of Protective Life Corporation, has signed an agreement with MAPFRE ASISTENCIA, a subsidiary of MAPFRE, S.A. for vehicle assistance products outside the U.S. and Canada

The bulletin said the two companies would “work together to develop and market vehicle service contracts and related insurance products,” including collaboration on “product development, retail distribution, reinsurance, contract administration, and training solutions.”

Protective’s Chairman, President and CEO John D. Johns expressed his delight at the deal, and indicated it would provide “new growth opportunities for both companies.”

MAPFRE’s President and CEO Jose Manuel Martinez observed that the agreement would enable both groups to enlarge their capabilities “in order to become a standard in the vehicle service contract industry all around the world.”

Source: Protective: www.protective.com

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