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Spain's Mapfre buys Italian, German arms of Direct Line for 550 mln eur

Reuters - UK Focus

MADRID, Sept 25 (Reuters) - Spanish insurance company Mapfre said on Thursday it had acquired the Italian and German affiliates of UK-based general insurer Direct Line for 550 million euros (702.19 million US dollar).

The deal would bring insurance premiums of 714 million euros and 1.6 million clients, Mapfre (Other OTC: MPFRF - news) said in a statement to the Spanish regulator. (1 US dollar = 0.7833 euro) (Reporting by Paul Day; Editing by Robert Hetz)