MAPFRE’s assistance subsidiary, MAWDY, has strengthened its service provision partnership with insurance giant Vittoria Assicurazioni in Italy.
The collaboration will be implemented through several transactions, with the objective of enhancing service offerings in the Italian market. It is subject to approval by European Union competition authorities.
As part of the agreement, Vittoria will acquire 49.9% of MAWDY Services Italia, which provides automotive services.
Meanwhile, MAWDY will take an equivalent 49.9% stake in Vittoria’s service startups through a joint venture, Vittoria Servizi Legali, which includes ComeStai and Easy Legal, companies that specialise in health and legal services, respectively. MAPFRE Group will also acquire a 1.4% share in Vittoria.
MAWDY Services Italia will remain within MAPFRE and continue its operations in Italy, excluding those covered by the joint venture. Vittoria will incorporate the revenue from the new joint venture into its accounts.
“With this agreement, Vittoria Assicurazioni confirms its strong partnership with MAWDY, based on shared values such as the quality of the offer and attention to the client, and significantly accelerates the important strategic path undertaken by the company in the services sector,” said Cesare Caldarelli, chief executive of Vittoria. “The ultimate goal is to provide the client with an increasingly complete and efficient ecosystem, capable of responding to different needs and expectations.”
MAWDY, which has 2,000 employees and operates in 23 countries, has been collaborating with Vittoria, the eighth largest insurance company in Italy, since 2011, providing services and underwriting reinsurance contracts for roadside assistance, home assistance, travel insurance and health claims management.
In September 2023, they established their first 50-50 joint venture, GENYIO, which focuses on personalised auto and assistance services.
In 2024, total premiums for Vittoria (both life and non-life) reached 1.95 billion euros. The automotive line of business accounts for 54.7% of the company’s total premium volume. Meanwhile, MAWDY reported revenues of 498 million euros.
