Mapfre Re to expand range & remit
A restructure within the Mapfre Group will allow reinsurance unit Mapfre Re to expand its range of products and remit, Eduardo Perez de Lema, chief executive officer and chairman of the management committee of Mapfre Re, told Baden-Baden Today.
The parent is reorganising its global risks business, and as part of this, Mapfre Global Risks, which provides insurance solutions to large companies and multinationals, will underwrite the large risks business and focus its activities on operations where Mapfre assumes the business lead.
“Mapfre Global Risks will focus on the development of the insurance portfolio for its segment of business, together with the Mapfre Insurance companies and their partner network,” Perez de Lema said.
Meanwhile, Mapfre Global Risks will transfer its reinsurance business to Mapfre Re, and its insurance business to Mapfre Spain.
Mapfre Re will assume the operations subscribed by Mapfre Global Risks in different parts of the EU. This means that branches in the UK, France and Italy will be integrated into the structure of Mapfre Re.
“This will allow Mapfre Re to incorporate a highly skilled team and offer a wider range of products to our reinsurance clients, not only in Europe, but across our global portfolio,” Perez de Lema explained.
Despite the move, Mapfre Re aims to keep a risk profile that is average in the reinsurance space. This is because it wants to provide predictable margins to shareholders and a reliable capacity supply to Mapfre Re’s clients.
“This principle will definitely be kept going forward, despite the offering of support for classes of business in which we have been less active in the past,” he noted.
The reorganisation is not expected to change the geographic footprint of Mapfre Re, which has 19 offices across Europe, Asia-Pacific and the Americas.
“In recent years we have reinforced our local presence in Asia-Pacific with the opening of our branches in Singapore and Labuan, as well as the representative office opened in Tokyo earlier this year,” Perez de Lema said.
The company also provides worldwide reinsurance solutions in P&C and life business. “No significant changes will happen here,” he noted.
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