Mapfre acquires stake in Tuio

Insurer Mapfre has reached an agreement to acquire a 38.9% stake in Tuio, a Madrid-based insurance startup offering home, car, pet, and life insurance.

Founded in 2021, Tuio operates as an MGA and it publicly disclosed $20 million in funding.

The agreement will allow Tuio to enter new markets in Latin America and Europe, where Mapfre already has a presence.