Group Head Office Paseo de Recoletos 25 28004 Madrid Spain Tel: 00 34 91 581 1600 www.mapfr...
Group Head Office
Paseo de Recoletos 25
28004 Madrid Spain
Tel: 00 34 91 581 1600
A YEAR IN THE NEWS
JANUARY - MARCH 2006
- March: Sister company Mapfre Assistance appoints Marta Santamaria as general manager to drive the development of the UK Assistance and Mapfre Abraxas businesses.
- March: New full-cycle travel insurance, gap and motor warranty insurances are launched by sister company.
APRIL - JUNE 2006
- June: Mapfre's board of directors announces plans to demutualise and create a new corporate structure to accelerate its growth and increase its size in Spain and internationally, with the aim of acquiring a significant presence in Europe, the US and South-east Asia and becoming one of the five largest European non-life insurance companies by 2011.
- June: The restructure will see all of Mapfre's activities and subsidiaries grouped together under Corporacion Mapfre, which will be renamed Mapfre SA.
- June: Fitch Ratings affirms its insurer financial strength rating of AA- on Mapfre Mutualidad, the Spanish motor insurer and parent company of the Mapfre insurance group. On a strategic level, Fitch welcomes the clarity of the new structure.
JULY - SEPTEMBER 2006
- July: Standard and Poor's upgrades Mapfre Re's rating from AA- to AA with a stable outlook. The move is seen as a clear sign that Mapfre Re is regarded as a core subsidiary of the parent group Mapfre Mutualidad.
- July: Mapfre Assistance general manager Marta Santamaria tells Post that the firm is looking to enter the household market. She reveals that discussions are ongoing with an insurance company and a third-party administrator in the UK, which may see the creation of a cradle-to-grave household insurance offering. She also hints that acquisitions are a possibility.
FACTS AND FIGURES 2005
Regional offices (UK): One
Worldwide offices: 16
Key personnel: Andres Jimenez, chairman and chief executive officer, Mapfre Re, Compania de Reaseguros SA; Pedro de Macedo, managing director and general manager, Mapfre Re, Cia de Reas; Tony Gasking, general manager, London branch office
Main business lines: UK Branch - non-marine and marine short-tail non-proportional treaty reinsurance
Employees: 250 (worldwide)
Major shareholders: Corporacion Mapfre, Spain
Year established: company, 1982; London branch, 1994
Source: Mapfre Re.
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