MAPFRE, Mitsui extend partnership

TOKYO and MADRID—Madrid-based MAPFRE S.A. and Tokyo-based Mitsui Sumitomo Insurance Group say they have extended their partnership to cover all countries where the two have operations.

Under the terms of the agreement announced Tuesday, the companies “will provide reciprocal insurance and reinsurance services, mainly for large industrial risks,” the companies said in a statement.

Mitsui Sumitomo will market MAPFRE’s products to Japanese companies operating in South and Central America, where Mitsui Sumitomo does not have any units. Meanwhile, MAPFRE will refer its customers to Mitsui Sumitomo’s products throughout Asia.

Boosting competitiveness

Insurer and reinsurer MAPFRE, which operates in more than 40 countries, posted a profit of &935 million ($1.32 billion) in 2010. Mitsui Sumitomo, a unit of MS&AD Group Holding Inc. which operates in more than 40 countries, had net premiums of 2.54 billion yen ($31.1 million) in 2010.

The companies said the partnership would boost their competitiveness and service to buyers in growing markets.