Mapfre has agreed to acquire a 38.9% holding in Tuio, a digital insurance distributor based in Spain, through a combination of a share purchase and participation in a capital increase.
Under the terms of the agreement, Mapfre will purchase shares from a number of Tuio’s existing shareholders before taking part in the capital raise
The deal, the financial terms of which have not been disclosed, is still subject to the relevant regulatory approvals. Tuio was established in Spain in 2021 and currently operates solely in the domestic market. The company plans to use the investment to fund its international expansion, which is due to begin next year across Europe and Latin America – regions where Mapfre already has an established presence.
Since its founding, Tuio has centred its business model on technology, digitalisation and the use of agentic AI across its insurance operations, spanning multiple lines of business. Mapfre said the transaction would back Tuio’s expansion plans in Spain alongside its move into new markets and would speed up the development of further technological capabilities. Mapfre said Tuio “was the first insurtech to fully integrate into ChatGPT, which now generates more than 20% of its new clients”.