Mapfre to combine business units
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Spain-based insurer Mapfre S.A. on Friday said it will fold the business of its global risks unit into Mapfre Spain and Mapfre Re, the insurer’s reinsurance unit, beginning in January 2019.
The global risks unit, which provides insurance to large companies, multinational companies and businesses in global activity sectors, will transfer its insurance business to Mapfre Spain and its reinsurance business to Mapfre Re, Mapfre said in a statement.
Offices in United Kingdom, France and Italy will be integrated into Mapfre Re, and the company’s German branch will close Oct 1. This will leave Mapfre Re as the sole reinsurer in the group, the statement 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,” Chairman and CEO Antonio Huertas said in the statement.
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