Arias, Fábrega & Fábrega acted as counsel to Grupo Mundial Tenedora in a strategic alliance with Mapfre America to consolidate the operations of Aseguradora Mundial and Mundial Desarrollo de Negocio with Mapfre La Centroamericana and Inamer.

Mapfre America, S.A. a Spanish based global insurer acquired 57% of the shares of Aseguradora Mundial, S.A., Mundial Desarrollo de Negocio, S.A. and their respective subsidiaries from Grupo Mundial Tenedora, S.A., followed by a contribution of the shares by both parties into a holding company in a strategic alliance to develop Central America's largest insurance company.  Mapfre also contributed the shares of its El Salvador operations (INAMER and Mapfre La Centroamericana) into the holding company, resulting in a 65% shareholding by Mapfre and 35% by Grupo Mundial.  The entire deal was valued at approximately US$211 million dollars. 

The resulting venture will bring together Mapfre's El Salvador operations with Grupo Mundial's operations in Panama, Costa Rica, Nicaragua, Honduras and Guatemala, where the Spanish company only had a limited presence.

This will result in the largest insurer in Central America, with combined premiums of US$223 million and equity of US$101 million.

Aseguradora Mundial is the third largest insurer in Panama, with US$93.6 million in written premiums and 15.7% of the market for the first three quarters of 2009.

Mapfre is a Spanish based insurance company with presence in 45 countries around the world, more than 34,600 employees and 13 million clients around the world.  In the first three quarters of 2009, its earnings exceeded €14.350 billion euros and its profits €743 million euros.