Aseguradora Magallanes was founded in 1956 in the southern city of Punta Arenas. In 1978, it was bought by Santiago-based holding NALAC. Local investment holding NALAC, which also has interests in the construction business, controls 68% of Aseguradora Magallanes. In 2010, NALAC created a credit insurer to diversify its product offering. A portion of this unit's business is being handled by Aseguradora Magallanes.