News and Financial Information

Protective and MAPFRE Sign Cooperative Agreement

Tuesday, February 23, 2010 1:13 pm EST



Public Company Information:


CHESTERFIELD, Mo.--(BUSINESS WIRE)--The Asset Protection Division of Protective Life Insurance Company (“Protective Life”), a wholly-owned subsidiary of Protective Life Corporation (“Protective”), has entered into an agreement with MAPFRE ASISTENCIA, a subsidiary of MAPFRE, S.A., under which the companies will work together to develop and market vehicle service contracts and related insurance products outside of the United States and Canada. The two companies are collaborating on product development, retail distribution, reinsurance, contract administration, and training solutions.

John D. Johns, Chairman, President and CEO of Protective said: “We are delighted to have this opportunity to join forces with MAPFRE in marketing vehicle service contracts and related insurance products throughout the world. MAPFRE is one of the most highly regarded insurance providers in diverse markets globally. We look forward to working collaboratively with the MAPFRE team to open new growth opportunities for both companies as a result of this new cooperative relationship.”

Jose Manuel Martinez, President and CEO of MAPFRE said: “We are sure that, with this collaboration, both entities will enlarge our capabilities in order to become a standard in the vehicle service contract industry all around the world. PROTECTIVE is a very well respected company within the insurance market and its knowledge on underwriting and training will place our subsidiary, MAPFRE ASISTENCIA, in the best position for jointly presenting the most attractive solutions to OEM´s and Dealers outside of the United States and Canada.”

About Protective:

Protective is a financial services company with $42.3 billion of assets as of December 31, 2009, headquartered in Birmingham, Alabama. The Asset Protection Division is an operating division of Protective Life and is a leading provider of service contracts, GAP and credit insurance to the automotive, marine and recreational vehicle industries in the United States.

The Asset Protection Division offers its products and services through automobile, marine, RV, and power sports dealers providing consumers protection against losses they may experience after purchasing and financing major consumer assets such as automobiles, boats and recreational vehicles. These programs include extended service contracts, GAP coverage, and credit insurance. Protective Life Insurance Company serves as the primary underwriter for credit insurance marketed through the Asset Protection Division in the United States, and Lyndon Property Insurance Company serves as the primary underwriter for its other products in the United States.


MAPFRE is the leading Spanish insurance company, with presence in 43 countries - especially in the Latin American markets, where the group is the leading non-life insurer. MAPFRE has more than 35,200 employees and more than 20 million customers throughout the world. In 2009, it recorded a net result of nearly EUR 927 million and revenues of EUR 18.8 billion.

MAPFRE ASISTENCIA is MAPFRE Group’s company specialising in assistance and specialty risks. Present in 40 countries worldwide, it has a portfolio of over 1,300 corporate clients, which integrate 74 million people. Its business strategy stands out for its capacity to anticipate and adapt to market needs. MAPFRE ASISTENCIA has more than 181 million beneficiaries worldwide.

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Protective Life Insurance Company
Asset Protection Division
Mike Hoffey, 636-536-5731
Protective Life Corporation
Eva Robertson, 205-268-3912
Susana Díaz, +34 915 81 81 96

Company Contact

Brittnie Bordonaro
Corporate Communications
Protective Life Corporation
(205) 268-8611

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