The venture is 80 percent backed by Corporacion Mapfre SA, Spain's largest insurer. Mapfre America is the company's Latin American unit and the biggest foreign insurer in the region according to Bloomberg business news.

Munich Re has also taken a 2.5% stake. Of the remainder, Spanish savings bank Caja Madrid has taken 10% and the other 5% is divided between: Fonditel (1.58%), Catalana Occidente (1.5%), CCS (0.7%), Citibank (0.67%) and Sumitomo Marine and Fire (0.55%).

The new shareholders will be given the option of taking shares in Mapfre America's life counterpart, Mapfre America Vida, which was created this year.