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China, US and India have highest insurance potential: MAPFRE

1st December 2020

According to the latest Global Insurance Potential index by MAPFRE Economics, China, the US and India currently rank top of the table of countries, both in terms of life and non-life lines. MAPFRE’s index looks at 96 insurance markets around the world to measure the insurance protection gap and create a ... Read the full article

MAPFRE Salud ARS launches in the Dominican Republic

27th November 2020

Insurer MAPFRE has announced that following its 51% acquisition of health insurer, ARS Palic, earlier this year, the Dominic Republic domiciled insurer has now rebranded as MAPFRE Salud ARS. The acquisition was announced in February this year, and aims to strengthen MAPFRE’s position in the country whilst leaving the León ... Read the full article

MAPFRE’s revenue falls 12% in first nine months of 2020

30th October 2020

Spanish re/insurer MAPFRE has reported a revenue of €19.1 billion euros for the first nine months of the year, an 11.9% decrease compared to the same period in 2019. Premiums also dropped 11.9% to €15.6 billion. Earnings came in at €450 million, a 2.7% drop compared to the first nine months of 2019. The insurance unit saw ... Read the full article

MAPFRE partners with insurtech Shift on customer claims experience

20th October 2020

MAPFRE is set to create a new claims process supported by technology from claims automation firm Shift. The Spanish insurer will leverage Shift’s end-to-end claims automation solution in an effort to deliver a more friendly and transparent experience for clients. Shift has joined MAPFRE's startup engagement program insur_space and over the coming ... Read the full article

MAPFRE RE unveils Javier San Basilio as CUO

1st October 2020

MAPFRE RE, the reinsurance arm of Madrid-headquartered insurer MAPFRE, has announced the appointment of Javier San Basilio as Chief Underwriting Officer (CUO). San Basilio, who is currently the European regional director of MAPFRE RE, based in London, replaces Miguel Ángel Rosa, who has been appointed as the new Chief Executive Officer ... Read the full article

MAPFRE improves Q2 solvency ratio despite COVID challenges

21st September 2020

Spanish re/insurer MAPFRE has improved its Solvency II ratio in the second quarter of 2020, despite significant challenges associated with the COVID-19 pandemic. The company posted a ratio of 183.8% in Q2, representing a 6.6 percentage point increase on the 177.2% it recorded in Q1. It also compares with the Solvency II ... Read the full article

MAPFRE renews management teams

14th September 2020

Spanish re/insurer, MAPFRE has approved the renewal of its management teams. This new move aims to advance MAPFRE's strategic objectives, and accelerate the transformation agenda, strengthening capacities in the main regions where it operates. The renewal of the management team also seeks to strengthen the group’s ability to respond to the economic ... Read the full article

COVID-19 drives 27% drop in MAPFRE’s H1 earnings

27th July 2020

Spanish insurer MAPFRE saw it's earnings for the first half of 2020 drop 27.1% from the previous year to €271 million due to COVID-19 claims recorded in its reinsurance unit. Reinsurance losses in H1 reached €86.5 million, €76.5 million of which correspond to business interruption coverage. Alongside this, earthquakes in Puerto Rico ... Read the full article

MAPFRE launches €250m private equity fund

22nd June 2020

Spanish insurer MAPFRE has announced the launch of a new fund designed to bring together the existing private equity investments of all the companies in the group, as well as those made going forward. The €250 million fund is being launched alongside financial advisory firms Abante and Altamar. The fund will be managed ... Read the full article

COVID-19 to trigger major world economy contraction: MAPFRE

24th April 2020

The economic research division of re/insurer MAPFRE has sharply revised its forecasts for the world economy and expects an unprecedented impact on activity due to COVID-19. However its report does underline the uncertainty of the situation and says it is impossible to anticipate the results of economic and social policy decisions. The ... Read the full article

MAPFRE takes majority stake in Dominican health insurer

21st February 2020

MAPFRE has entered into an agreement with the León BHD Financial Center, its bancassurance partner in the Dominican Republic, to acquire 51% of the health insurance company ARS Palic. The transaction is expected to help MAPFRE consolidate its position in the country, and will leave the León BHD Financial Center with ... Read the full article

MAPFRE’s earnings rise by more than 15% in 2019

12th February 2020

Insurer and reinsurer MAPFRE's fiscal year 2019 financial results reveal a solid year for the company with earnings up by over 15% to €609 million, while premiums grew by more than 2% to €23.04 billion. As well as earnings growth, MAPFRE's revenues increased by more than 7% in 2019 to €28.5 ... Read the full article

Admiral cancels Spanish joint venture with MAPFRE & Oakley Capital

24th December 2019

Admiral Group has agreed to terminate its proposed agreement to form a joint insurance venture in Spain with MAPFRE and Oakley Capital. First announced back in April 2019, the venture was intended to combine digital brokers Rastreator Comparador Correduría de Seguros S.L. (Rastreato) with Asesor Seguros Online S.L. and Asesor Consumer ... Read the full article

MAPFRE expects up to $156mn hit from Faxai, Hagibis & Chile unrest

16th December 2019

MAPFRE has revealed that it expects to assume losses of between €130 million - €140 million (USD 145mn - USD 156mn) as a result of the impacts of typhoons Faxai and Hagibis, and to a lesser amount, the damages caused by the recent disturbances in Chile. The insurer and reinsurer has ... Read the full article

S&P upgrades Mapfre Re ratings on more diverse earnings

19th November 2019

S&P Global Ratings has upgraded the long-term issuer credit and financial strength ratings of Mapfre Re from ‘A’ to ‘A+’, based on improved underwriting earnings diversification. The rating agency also raised the long-term issuer credit rating on parent company Mapfre S.A from ‘BBB+’ to ‘A-‘, and assigned a stable outlook to ... Read the full article

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