Rescueline, the largest road assistance provider in Cyprus, announced the acquisition of Mapfre Asistencia in Greece, one of the country’s leading roadside support providers.
By joining forces with Mapfre Asistencia, Rescueline’s role in the sector is significantly reinforced, with the company’s first overseas acquisition.
“This way, the company aims to further optimize its Road Assistance services by focusing on the consumer’s needs in the post-covid era,” said a Rescueline statement.
The two parties have also agreed to exchange technical knowledge, technology, and services to enhance the services and products they offer during the transition period.
Terms of the transaction have not been disclosed; however, the company will continue with the same management team and operate under the trade name Eurosos.
MAPFRE is a global insurance company with a worldwide presence.
It is the benchmark insurer in the Spanish market and the world’s largest Spanish multinational insurance group.
It is the number one non-life insurance group in Latin America and the sixth in Europe by premium volume.
MAPFRE employs almost 34,000 professionals globally, and in 2020, the company’s revenues totalled almost €25.5 billion.
It 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 annually, and its call centre processes approximately 550,000 incoming phone calls per year.
Rescueline is one of the largest Road Assistance providers in Cyprus, operating since 1990.
It offers services to over 225,000 consumers and manages over 100,000 cases per year.
The announced acquisition is the first strategic move conducted by the Cyprus-based company since its acquisition by the digital insurance company Hellas Direct in February 2019.
Hellas Direct, operating in Cyprus and Greece, is backed by a roster of leading investors, including Portage Ventures, IFC (a member of the World Bank), Endeavor Catalyst and the European Bank for Reconstruction and Development (EBRD).
“We are really excited to be joining forces with MAPFRE’s team.
“We both share the same vision, to offer the best service to the consumer and the same drive to excel in what we do, by investing in technology and most of all in the people we hire.
“MAPFRE’s expertise, combined with our tech know-how and innovative spirit, will help us accomplish our common vision,” said Silia Tsingou, Vice President of Rescueline.
“Our mission at Rescueline, since day one, is making sure we always offer a unique experience to our customers.
“To that end, we join forces with one of the leading companies in the Road Assistance services sector, to broaden our customer base and further optimize the customer service we offer to the consumer,” said George Trantas, Director of Rescueline.
Leire Jiménez, CEO of Mapfre Asistencia, said: “MAPFRE Asistencia has been streamlining its geographical footprint to scale its operations in key markets, improve its commercial performance and better serve its customers.
“As a result of this evaluation, we have concluded that the best path forward for our Asistencia operation in Greece and its employees is to join Hellas Direct [through Rescueline], 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.”
Source: Financial Mirror