Reinsurance News
Mapfre
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
MAPFRE RE first to form onshore reinsurance alternative in Vermont
9th January 2019
Global reinsurer MAPFRE RE, has become the first Affiliated Reinsurance Company (ARC) to form in the U.S state of Vermont following 2018 legislation introduced as a response to the Base Erosion Anti-Abuse Tax (BEAT). The BEAT initiative was introduced to tackle a perceived overdependence on offshore reinsurance companies and applies to ... Read the full article
MAPFRE to make €25m insurtech fund investment
22nd November 2018
Spanish insurer MAPFRE has pledged a €25 million (US $28.5 million) investment in the Alma Mundi Insurtech Fund, with the aim of identifying early stage startups whose technology can be applied to the insurance sector. MAPFRE’s role as an anchor investor means it will play a key role in in the ... Read the full article
Mapfre and AgriTask launch digital claims system for agricultural insurers
14th August 2018
Spanish insurer Mapfre has partnered with AgriTask, an international precision agriculture provider, to develop a digital claims management system for insurance companies operating in the agricultural sector. The new system integrates relevant geographical information of plots covered by insurance and correlates inspection protocols to the actual location of all policyholders, providing ... Read the full article
MAPFRE restructures Global Risks reinsurance under MAPFRE Re
20th July 2018
Spanish insurer MAPFRE is to implement a restructuring of the way it handles its Global Risks large client insurance business and its reinsurance business, including an integration of its Cologne Global Risks office into its branch in Munich, from January 2019. Under plans laid out today, MAPFRE Global Risks will underwrite ... Read the full article
Reduced exposure to volatile lines to improve earnings visibility: J.P. Morgan
4th July 2018
Analysts at J.P. Morgan have said that the decision of some re/insurers to reduce their exposure to more volatile lines of business, namely natural catastrophe exposures, and focus on other, more stable classes, will lead to better earnings visibility as well as a faster rerating. Focusing mostly on the actions taken ... Read the full article
MAPFRE and Banco do Brasil update insurance business alliance
27th June 2018
Spanish insurer MAPFRE has formally updated its strategic alliance with Banco do Brasil, which originally gave rise to BB MAPFRE in 2010, now one of the largest insurance groups in Brazil. Under the terms of the updated agreement, MAPFRE will increase its control of BB MAPFRE’s Non-Life business from 50% to ... Read the full article
MAPFRE announces cat losses and restructuring plans
1st December 2017
MAPRE has revealed plans to reorganise its global business structure, and has also reported a net income impact of €176 million (US$209mn) from a total of €1.1 billion (US$1.3bn) in payouts from claims from third-quarter hurricanes in the U.S. and Caribbean, and the Mexico earthquakes. Speaking at MAPFRE’s second Investor Day, MAPFRE Chairman ... Read the full article
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