Top 20 spotlight - 15. Mapfre Re

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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

www.mapfrere.com

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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