Mapfre

#2231

Rank

$6B

MarketCap ES

ES Spain

Country

Summary
Mapfre, S.A., engages in the insurance and reinsurance activities worldwide. It offers life, health, accident, savings and investment, retirement, burial, and travel and leisure insurance; and homeowner's, automobile, third-party liability, family, and other insurance. The company also provides vehicle, third-party liability and asset, agriculture and livestock, commercial establishment, and other insurance products. In addition, it offers engineering and building, hull and aviation, transportation of goods, surety and credit, life and retirement, and other insurances and reinsurance products. The company offers its services to individuals, professionals, entrepreneurs, self-employed people, small and medium-sized enterprises, and large corporations. It distributes its products through a network of 4,942 direct and delegates; and 10,412 bancassurance offices, as well as through 77,754 delegates, agents, and brokers. The company was formerly known as Corporacion Mapfre and changed its name to Mapfre, S.A. in December 2006. Mapfre, S.A. was founded in 1933 and is headquartered in Majadahonda, Spain. Mapfre, S.A. operates as a subsidiary of Cartera Mapfre, S.L.

History

Spain

1933: The Agrupación de Propietarios de Fincas Rústicas de España creates Mapfre.

1944: An agreement is signed with the Caja Nacional del Seguro Obligatorio de Enfermedad.

1954: Mapfre close to bankruptcy due to increase in the pharmaceutical services.

1955: Ignacio Hernando de Larramendi takes over the General Management and puts the company back on its feet. Sickness insurance is dropped.

1962: Mapfre acquires Central de Obras y Créditos which operates a network of financing companies throughout Spain.

1966: Nationalisation of workmen's compensation insurance. Legal separation and separation of assets of Mapfre Mutualidad and Mapfre Mutua Patronal de Accidentes de Trabajo.

1970: Mapfre becomes an insurance group with the mutual company as the parent company and two subsidiaries Mapfre Vida and Mapfre Industrial .

1975: Fundación Mapfre is created. Mapfre Servicios de Reaseguro is set up.

1977: Acquisition of Mundial de Inversiones which becomes Mapfre Internacional, grouping together foreign investments.

1981: Central de Inversión y Crédito becomes Corporación Mapfre.

1982: Mapfre Caución Y Crédito is set up.

1983: Mapfre is ranked as the number one insurance company. Mapfre Guanarteme and Fundación Guanarteme are created. The Centro de Investigación y Seguridad Vial Mapfre , today CESVIMAP, is set up.

1984: Sistema Mapfre is created. The Comisión de Defensa del Asegurado is set up.

1985: Mutualidad Agropecuaria joins the Sistema as Mapfre Agropecuaria.

1988: Mapfre RE, Mapfre Asistencia, Mapfre Inversión and Mapfre Vida Pensiones are set up. The Mapfre Vida, Mapfre Medicina and Mapfre Estudios foundations are set up. International expansion of Mapfre Asistencia commences.

1990: Julio Castelo is appointed chairman of Mapfre Mutualidad. Banco Mapfre commences operations. Mapfre Seguros Generales is created. Mapfre becomes the leading insurance company in Latin America.

1998: The first framework agreement with Caja Madrid is signed. Mapfre Internacional becomes Mapfre América and Mapfre América Vida and Mapfre América Caución y Crédito are created.

2000: The strategic alliance between Mapfre and Caja Madrid is signed. Mapfre Mutualidad acquires Mapfre América Vida. The good governance code is introduced.

2001: Jose Manuel Martínez becomes the new chairman of Sistema Mapfre. Mapfre Seguros Generales acquires Grupo Finisterre.

2002: Mapfre Multicentro del Automóvil, Mapfre Renting and Club Mapfre del Automóvil are set up: Mapfre Vida becomes the leading Spanish insurance company. A new management team takes over at Mapfre.

2003: The merger between Mapfre Mutualidad and Mapfre Agropecuaria is agreed. SEPI awards Musini S.A. and Musini Vida to Mapfre.

2004: Mapfre ratified the United Nations Global Compact. Mapfre acquires a mayority stake in Quavitae.

2005: Mapfre renews its management structures. Mapfre acquires ENKEN Servicios de Prevención and ENKEN Asistencia Sanitaria. ViajesMapfre.com is created.

2006: Mapfre approves a new corporate structure, by which all activities will be integrated in the new Mapfre S.A.. the listed company.

2007: Mapfre Automóviles integrates Mutua Valenciana Automovilista. Agreements with Caja Castilla La Mancha, BANKINTER and Caja Duero for joint development of the Life assurance products Pensions Plans.

2008: Mapfre's Shareholders Meeting approves the reorganization of the strategic alliance with Caja Madrid. Mapfre increased in 2008 its net result 23.2%, to €900.7 million.

2009: In 2009, Mapfre increased its attributable result a 2.9 per cent to €926.8 million.

2010: Appointment as member of the Board of Directors of Mapfre S.A. of Rodrigo de Rato Figaredo. Alliance with Caixa Catalunya, Caixa Manresa and Caixa Tarragona to jointly develop said Savings Bank's Insurance and Pension plans businesses.The Group announced that a reorganization of structures will be undertaken to improve efficiency and enhance the configuration as a multinational group. Mapfre increased revenues 8.7 per cent to €20,470.8 million in 2010 and the net attributable result amounted to €933.5 million.

2011: Agreement between Mapfre and Caja Madrid by which the savings bank will acquire of the 48.97% stake that Mapfre holds in Banco de Servicios Financieros Caja-Madrid-Mapfre, and Mapfre will acquire the 12.5% shareholding held by the savings bank in Mapfre Internacional. The Chairman, José Manuel Martínez, and the Vice-Chairman, Andrés Jiménez, announce their retirement in the first months of 2012. Antonio Huertas, current Third Vice-Chairman, will become Chairman in March after the next annual general meeting is held. Mapfre'S net result amounted to €963 million, a 3.2% rise, achieving revenues of €23,530 million, a 15% increase.

2012: Agreement with BANKINTER to jointly develop Commercial, Health, Burial, Payment Protection businesses. Antonio Huertas takes on Mapfre's Chairmanship.

2013: The Board of Directors appoints Esteban Tejera Montalvo, First Vice-Chairman; Antonio Núñez Tovar, Third Vice-Chairman; and Ignacio Baeza Gómez, Fourth Vice-Chairman. Rodrigo Rato resigns as Member. Mapfre achieved in the first half of the year revenues of €13,140.9 million, 13% more than the same period of the previous year. Its attributable result amounted to €434.2 million. José Antonio Moral Santín resigns as Member of the Board. José Ignacio Goirigolzarri Tellaeche and Manuel Lagares Gómez-Abascal are appointed Members of the Board.

International expansion

1984: Acquisition of Mapfre Seguros Generales in Colombia.

1986: Corporación Mapfre agency offices are set up in Lisbon and Milan. General agencies of Mapfre Caución y Crédito, Mapfre Seguros Generales and Mapfre Vida are set up in Portugal. Mapfre Aconcagua is acquired. Aconcagua and Euroamérica are set up.

1987: ITSEMAP Portugal is set up.

1988: MAPLUX RE is set up.

1989: Mapfre RE acquires a stake in C.I.A.R . Caja Reaseguradora , Seguros Tepeyac and Grupo PRAICO are acquired. Veneasistencia , IberoAsistencia and SurAsistencia are set up.

1990: Ibero Assistencia is set up.

1991: A Mapfre RE agency office is set up in London. Ireland Assist , Afriqe Assistance and Mapfre Garantías y Crédito are set up. Reaseguradora Hemisférica is acquired.

1992: Cruz Seguradora and Vera Cruz Vida e Previdencia are acquired. Brasil Asistencia and ANDI Asistencia are set up.

1993: Federal Assist is set up.

1994: The Mapfre RE agency office in London becomes a branch. Mapfre Uruguay, France Assist , EUROSOS Assistance S.A. , Federal Assist and Gulf Assist are set up. MapfrePROGESS and Grupo Amstar are acquired.

1995: Mapfre Asian is acquired. TURASSIST , ECUASISTENCIA , Perú Asistencia and Caribe Asistencia are set up.

1996. La Seguridad is acquired. Uruguay Assistencia and Mapfre Aconcagua A.R.T. are set up.

1997: A Mapfre RE branch is set up in Brussels. A Mapfre RE agency office is set up in Athens. ALL-MAP-ASSIST GMBH , Quetzal Asistencia , Panamá Asistencia and AFORE Tepeyac are set up. Mapfre Perú is acquired.

1998: Mapfre Asistencia agency offices are set up in the United Kingdom and Moscow and an IBEROASISTENCIA agency office in the Philippines. Mapfre Aconcagua Vida and Costa Rica Asistencia are set up.

1999: La Centro Americana is acquired. Mapfre Colombia Vida, Mapfre Seguradora de Garantías y Crédito and CREDISEGURO , Benelux Assist S.A. , Asistencia Boliviana, El Salvador Asistencia and NICASSIST are set up. Mapfre Asistencia branches are set up in Honduras and Paraguay.

2000: Corporación Finisterre is acquired. Mapfre Reinsurance Corporation of USA, Mapfre Chile Vida, Tepeyac Asesores and NORASSIST are set up.

2001: CREDIMapfre is set up. Consolidated Property & Casualty is acquired.

2003: Road America Motor Club , Nuovi Servizi Auto, the Irish reinsurance company General Services Reinsurance and Canada Life Insurance of Puerto Rico are acquired.

2004: Mapfre Reinsurance Corporation is authorized to start operations in Canada

2005: Mapfre increases its stake in Middlesea Insurance plc . Acquisition of ABRAXAS and a 51 per cent stake in Noxa Caixa Seguros e Previdencia

2006: Mapfre Asistencia opens a representative office in Jordania, acquires Canadian Roadside& Recovery Inc and starts operations in Travel Assistance in China. Mapfre Empresas opens representative offices in London and Paris.

2007: Acquisition of a majority stake in the Turkish insurer Genel Sigorta and announcement of the merger agreement for the acquisition of the US insurer The Commerce Group. The Group starts direct Insurance operations in Ecuador. Acquisition of Real Paraguaya de Seguros y Real Uruguaya de Seguros. Mapfre Asistencia starts business in India, Algeria, Poland and Egypt. Mapfre Empresas opens a representative office in Cologne

2008: Mapfre RE establishes a subsidiary in Brazil. Mapfre completes the acquisition of the US insurer Commerce Insurance, the largest investment in the history of the Group. Mapfre acquires a majority stake in the Ecuadorian ATLAS. Mapfre opens an assistance subsidiary in Dubai.

2009: Mapfre ranks in the eight place of the European Non-Life Ranking. Mapfre and Banco Do Brasil sign a memorandum of understanding to negotiate the joint development of the insurance businesses of both groups in the Brazilian market. Mapfre acquires a 50 per cent stake of the Portuguese insurer Finibanco Vida.

2010: Mapfre and Banco do Brasil implement their strategic alliance in the insurance sector.

2011: Mapfre RE opens an office in Paris. Mapfre Internacional becomes the majority shareholder of Middlesea Insurance . Mapfre and Euler Hermes sign a memorandum of understanding to jointly develop their credit and bond insurance businesses in Spain, Portugal and Latin America. Mapfre Asistencia sets up a subsidiary in Australia for travel insurance on line distribution. Mapfre has direct presence in five continents.

2012: Mapfre Asistencia enters the market of the Czech Republic through an insurance broker Top-Pojisteni.cz.

2013 MAPFRE enters Indonesia General Insurance market acquiring 20% stake of local company ABDA.

2014: The company sponsored a team for the 2014–2015 Volvo Ocean Race, round-the-world sailing race.

2015: On 2 March, Mapfre entered into a five-year, multimillion-dollar stadium rights agreement with Columbus Crew SC in Columbus, Ohio. Columbus Crew SC is one of the original Major League Soccer teams in the United States. The previously named Columbus Crew Stadium was renamed Mapfre Stadium until the deal ended at the end of 2020.

2016: Mapfre enters the market of the India through venture with Subrin Groups.

2017: MAPFRE increases its stake in ABDA Indonesia up to 62.3%.

2018: Mapfre acquires controlling interest in Mal

Hurricane Maria

Three lawsuits filed in the Virgin Islands allege MAPFRE may be in violation of the federal Racketeer Influenced and Corrupt Organizations Act. Amber Stein filed the most recent suit Aug. 30.

"While MAPFRE is certainly inept, its refusal to hire enough qualified adjustors is also ... by design and part of a pattern and practice intended to avoid" its legal obligations and "part of a pattern and practice of bad faith and deceit," Stein's attorneys wrote in the complaint. Like Sheesley, Stein alleges MAPFRE offered pennies on the dollar. Stein had a contractor's estimate for more than $140,000 for repairs but MAPFRE offered $10,718.

To back up the allegation that these delays are part of a larger strategy, Stein and other recent suits point to the fact that Puerto Rico fined MAPFRE for similar delays in paying claims for hurricane damage there. In February 2018, the Puerto Rico Insurance Commissioner's Office fined seven companies a total of $2.4 million for delays that violated Puerto Rico law. MAPFRE PRAICO, the defendant in all of the V.I. cases, was fined $714,000 – the largest single fine. MAPFRE Pan American Insurance Company was separately fined $359,100.Capital Crossing Servicing has filed a lawsuit against Mapfre Praico Insurance Company claiming the insurer has only paid $2.6mn of $39.6mn total submitted claims related to Hurricane Maria.


Mission
We are a multinational team that strives tirelessly to improve our services and ensure the best possible relationships with our clients, distributors, providers, shareholders and society in general.

Vision
To be the most trusted global insurance company. We intend to continue developing innovative solutions that safeguard people, with products to protect their property and savings, and that secure their future. Our aim is to provide close support to clients whenever and wherever they need us, across all five continents.

Key Team

Carla Taboada Diez (Chief Operating Officer)

Mr. José Luís Jiménez Guajardo-Fajardo (Group Chief Investment Officer)

Ms. Vanessa Escriva Garcia (Corp. Dir. of Tech. and Group Chief Information Officer of Corp. Technology & Processes Area)

Ms. Eva Piera Rojo (Group Chief External Relations & Communication Officer)

Felipe Navarro López de Chicheri (Head of Capital Markets & Investor Relations and Treasurer)

Mr. Angel Luis Davila Bermejo (Gen. Counsel & Company Sec.)

Ms. Elena Sanz Isla (Group Chief People Officer)


Recognition and Awards
Throughout its history, Mapfre has been recognized for its innovative approach to insurance and for providing outstanding services to its customers. Some of the awards and recognitions it has received include: ‘Insurance Company of the Year’ for 2020 by the Global Insurance Outlook awards; ‘Best Online Claims Service’ by the Insurance Times awards; and ‘Insurer of the Year’ by the Financial Times.

References
Mapfre
Leadership team

Mr. Antonio Huertas Mejias (Chairman & CEO)

Mr. José Manuel Inchausti Perez (Third Vice Chairman & CEO of Iberia Regional Area)

Mr. Fernando Mata Verdejo (Group CFO & Director)

Products/ Services
Insurance, Life Insurance, Property Insurance
Number of Employees
20,000 - 50,000
Headquarters
Madrid, Madrid, Spain
Established
1935
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
MAP.MC
Social Media
Mon Feb 26 2024
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