MAPFRE Insurance and AAA Washington entered into definitive agreements to form a jointly owned insurance company to write automobile and homeowners insurance in Washington and North Idaho.
The joint venture, which was announced on Thursday, is subject to regulatory approval.
The new company will be known as the Auto Club MAPFRE Insurance Co. The company’s products will be designed for the AAA member in Washington and North Idaho.
AAA Washington will remain an independent insurance agency and offer the new Auto Club MAPFRE Insurance Co.’s products under the AAA Insurance brand.
It is anticipated that the joint venture will begin operations in the fourth quarter of 2022.
MAPFRE Insurance serves policyholders in 13 states across the U.S.
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