Hellas Direct acquires Mapfre Asistencia in Greece
Greece-based digital insurer Hellas Direct announced the acquisition of road assistance provider Mapfre Asistencia in Greece. The company will continue with the same management team and will operate under the name Eurosos.
The transaction follows on the two companies’ partnership with Hellas Direct being one of MAPFRE’s largest clients for a number of years, and MAPFRE being one of Hellas Direct’s reinsurance partners.
MAPFRE has been present in the Greek market for the last 25 years, where it provides its services to about 1.5 million insured persons. MAPFRE handles over 250,000 incidents on an annual basis, and its call center processes approximately 550,000 incoming phone calls per year.
According to the company, the acquisition is a natural extension of its “beyond insurance” strategy as it looks to expand to the mobility and home ecosystems. This is also the company’s second acquisition following the acquisition of Rescueline , the largest road assistance business in Cyprus, in 2019.
“MAPFRE Asistencia has been streamlining its geographical footprint in order to scale its operations in key markets, improve its commercial performance and better serve its customers. As a result of this evaluation, we have reached the conclusion that the best path forward for our Asistencia operation in Greece and its employees is to join Hellas Direct, as the strategic focus of MAPFRE Asistencia moves to other markets . We are confident this operation will result in the best possible outcome for clients, employees, partners and all the players involved.” – Leire Jiménez, CEO of MAPFRE Asistencia .