Reinsurance News


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

MAPFRE revenues grow 6.5%, with reinsurance profits up in Q3

31st October 2019

Spanish re/insurance firm MAPFRE has posted a 6.5% increase in revenues over the first nine months of 2019, as well positive earnings growth in its reinsurance unit, MAPFRE RE. The company recorded revenues of €21.6 billion (US $24.1 billion) for the first three quarters of the year, compared to €20.3 billion ... Read the full article

Premium growth drives higher revenues for MAPFRE in H1 2019

26th July 2019

Insurer and reinsurer MAPFRE recorded a 6.8% increase in revenues in the first-half of 2019 to €15.05 billion, driven by an increase in premiums to €12.53 billion and elevated financial income. For the first-half of the year, MAPFRE's net earnings hit €375 million, which is a decline of 2.9% on the ... Read the full article

MAPFRE & China Re to collaborate on Belt and Road re/insurance projects

9th July 2019

Spanish re/insurance firm MAPFRE has announced a new partnership with China Re, which will see them collaborate on insuring investments related to China’s massive infrastructure plan, the Belt and Road Initiative (BRI). As part of the agreement, which was marked by a memorandum of understanding, MAPFRE will offer insurance and reinsurance ... Read the full article

MAPFRE appoints Christopher Smith as Chief Global Brokers Officer

11th January 2019

Spanish insurance giant MAPFRE has appointed Christopher Smith as its Chief Global Brokers Officer. Smith joined MAPFRE Global Risk in 2013, where he worked as the Head of European business and subsequently as Chief Regions & Markets Officer - International. Prior to that, he spent nearly 20 years at RSA, eventually becoming ... Read the full article