MEXICO CITY -(Dow Jones)- Spanish insurer Mapfre SA (MAP.MC) has appetite for more deals in Latin America following a small acquisition in Ecuador earlier this year, but is in no rush amid a global financial crisis, according to a top executive.
Mapfre would like to expand its presence in Brazil, Mexico and Peru, but currently there are no deals on the table, the company's vice chairman, Alberto Manzano, told reporters on the sidelines of an insurance seminar Thursday.
"It's said that there are opportunities in times of crisis, but you also have to be prudent during times of crisis and companies that don't have problems shouldn't go looking for them," he said.
Latin America is a key region for Mapfre, generating EUR2.64 billion ($3.41 billion) in direct insurance premiums during the first nine months of 2008, an increase of 20.9% from last year.
Earlier this year, Mapfre acquired a 58.2% stake in Ecuadorean insurance company Atlas Compania de Seguros for EUR4 million, and raised its ownership of Mapfre Dominicana to 99.9% for EUR2.5 million.
Mapfre also looked at buying the Mexican insurance arm of Dutch financial services group ING Group NV (ING), which was finally acquired by France's Axa SA (AXA) in July for about $1.5 billion.
"Right now we are very selective in terms of acquisitions," Manzano said.
-By Ken Parks, Dow Jones Newswires, 52-55-5001-5723, ken.parks@dowjones.com
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(END) Dow Jones Newswires
November 27, 2008 17:11 ET (22:11 GMT)

Publié le 27 novembre 2008 Copyright © 2008 Dowjones