Spanish insurer Mapfre said it signed an agreement with Euler Hermes to jointly sell credit insurance in Spain, Argentina, Chile, Mexico and Colombia starting in 2013.

The 50-50 joint venture is expected to have consolidated revenues of about 135 million euros ($169 million), Mapfre said in a filing with Spanish securities regulators.

The deal "is the result of an ambitious project" based on a "leadership calling," Mapfre CEO Antonio Huertas said.

The agreement between Spain's biggest insurance company and Euler Hermes, a unit of Germany's Allianz, must still be approved by regulators.

Euler Hermes, which operates in 50 countries, is a leader in providing credit insurance and other risk management products, generating 2.27 billion euros ($2.85 billion) in revenues in 2011.

Mapfre, for its part, has operations in 40 countries and is a leader in Latin America in the insurance and reinsurance businesses, and it is No. 1 in writing non-life policies.

The Spanish insurance giant posted profits of 963 million euros ($1.2 billion) in 2011 on revenues of more than 23.53 billion euros ($29.5 billion). EFE