Mapfre restructures corporate solutions unit, closes German business
Spain’s re/insurer Mapfre is reorganising its global risks business in an attempt to increase its management and business capacity for the corporate solutions business while bringing greater financial stability and efficiency to the group.
Mapfre Global Risks specialises in providing insurance solutions to large companies, multinational companies and businesses in global activity sectors.
As part of the reorganisation, the unit will underwrite the large risks business and will focus its activities on operations where Mapfre assumes the business lead.
Under its new configuration, Mapfre Global Risks will operate in coordination with the group’s insurers to manage the large risks business, with responsibility for technical aspects, handling claims and provision of services. The issuing process will be performed by the Mapfre companies in the various countries and reinsured by Mapfre Re.
Mapfre Global Risks will transfer its reinsurance business to Mapfre Re, and its insurance business to Mapfre Spain. Likewise, Mapfre Re will assume the operations subscribed by Mapfre Global Risks in different countries of the European Union. In this way, branches in the UK, France and Italy will be integrated into the structure of Mapfre Re, while the German branch will cease operations on October 1.
This will allow for greater optimization of the group’s capital and resources, and increased efficiency through economies of scale, the company said.
“All this will give Mapfre greater capacity available for the large risks insurance business, and will contribute to offering a better service to Mapfre’s global clients,” the group’s CEO Antonio Huertas explained.
The reorganisation is expected to be fully operational by January 2019.
