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Jan 2011 Mapfre, the number one insurance company in Spain, has announced the establishment of a subsidiary called Verti. The company, which hopes to attract 60 000 customers the first year, will be providing products through the Internet and telephone.
The offensive is designed to grab a few market shares from Linea Directa, which has 1.7 million customers.
This new entity has begun its operations in January 2011. It will be marketing motor, motorcycle and dwelling policies at tariffs 10 to 15% below competition.