German and Italian motor intermediaries change hands

Hands giving motor car keys

Mapfre has bought Direct Line Insurance Group’s international arm for €550m ($624.6m).

These overseas operations are motor insurance intermediaries in Italy and Germany.

Mapfre chairman Antonio Huertas said: “The Italian and German assets acquired are absolutely strategic for Mapfre, strengthening the two main lines of our global growth plan, allowing us to increase our presence in Europe.”

All net proceeds will be returned to Direct Line shareholders.