Mapfre

MAPFRE
	File:Mapfre.svg
Company type	Public (BMAD: MAP)
Industry	Insurance
Founded	1933
Headquarters	Majadahonda, Madrid, Spain
Key people	José Manuel Martínez, CEO
Products	Life insurance ; Insurance ; Investment management
Revenue	€ 13,6 billion (2006)
Number of employees	21,500
Website	www.mapfre.com

Mapfre is a Spanish insurance company, based in Majadahonda,Madrid. The name comes from the old mutual origin of the company (Mutua de Accidentes de Propietarios de Fincas Rústicas de España) but the company only refers to itself as Mapfre. It is the leading insurance company in Spain and the largest non-life insurance company in Latin America.

History

Mapfre was recently enlisted in Fortune's 500 Global list on its 2008 edition.^[1]

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 (motor insurance) and two subsidiaries MAPFRE VIDA (personal insurance) and MAPFRE INDUSTRIAL (other branches).

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 (Cesvi), today CESVIMAP, is set up.

1984. SISTEMA MAPFRE is created. The Comisión de Defensa del Asegurado (Ombudsman Committee for the Insured) 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 AMERICA and MAPFRE AMERICA VIDA and MAPFRE AMERICA CAUCIÓN Y CRÉDITO are created.

2000. The strategic alliance between MAPFRE and Caja Madrid is signed. MAPFRE MUTUALIDAD acquires MAPFRE AMERICA 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. Agreement with Caja Castilla La Mancha to develop jointly life assurance products and pension plans of the savings bank.

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 (Argentina) is acquired. ACONCAGUA (Paraguay) and EUROAMÉRICA (Chile) are set up.

1987. ITSEMAP PORTUGAL is set up.

1988. MAPLUX RE (Luxemburg) is set up.

1989. MAPFRE RE acquires a stake in C.I.A.R (Belgium). CAJA REASEGURADORA (Chile), SEGUROS TEPEYAC (Mexico) and GRUPO PRAICO (Puerto Rico) are acquired. VENEASISTENCIA (Venezuela), IBEROASISTENCIA (Argentina) and SUR ASISTENCIA (Chile) are set up.

1990. IBERO ASSISTENCIA (Portugal) is set up.

1991. A MAPFRE RE agency office is set up in London. IRELAND ASSIST (Ireland), AFRIQE ASSISTANCE (Tunisia) and MAPFRE GARANTÍAS y CRÉDITO (Chile) are set up. REASEGURADORA HEMISFÉRICA (Colombia) is acquired.

1992. CRUZ SEGURADORA (Brazil) and VERA CRUZ VIDA E PREVIDENCIA (Brazil) are acquired. BRASIL ASISTENCIA and ANDI ASISTENCIA (Colombia) are set up.

1993. FEDERAL ASSIST (U.S.A.) is set up.

1994. The MAPFRE RE agency office in London becomes a branch. MAPFRE URUGUAY, FRANCE ASSIST (France), EUROSOS ASSISTANCE S.A. (Greece), FEDERAL ASSIST (Puerto Rico) and GULF ASSIST (Bahrain) are set up. MAPFREPROGESS (Sicily) and Grupo Amstar (U.S.A.) are acquired.

1995. MAPFRE ASIAN (Philippines) is acquired. TURASSIST (Turkey), ECUASISTENCIA (Ecuador), PERÚ ASISTENCIA and CARIBE ASISTENCIA (Dominican Republic) are set up.

1996. LA SEGURIDAD (Venezuela) is acquired. URUGUAY ASISTENCIA 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 (Germany), QUETZAL ASISTENCIA (Guatemala), PANAMÁ ASISTENCIA and AFORE TEPEYAC (Mexico) are set up. MAPFRE PERÚ (Peru) 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 (Argentina) and COSTA RICA ASISTENCIA are set up.

1999. LA CENTRO AMERICANA (El Salvador) is acquired. MAPFRE COLOMBIA VIDA, MAPFRE SEGURADORA DE GARANTÍAS y CRÉDITO (Brazil) and CREDISEGURO (Colombia), BENELUX ASSIST S.A. (Belgium), ASISTENCIA BOLIVIANA, EL SALVADOR ASISTENCIA and NICASSIST (Nicaragua) are set up. MAPFRE ASISTENCIA branches are set up in Honduras and Paraguay.

2000. CORPORACIÓN FINISTERRE (Peru) is acquired. MAPFRE REINSURANCE CORPORATION of U.S.A, MAPFRE CHILE VIDA, TEPEYAC ASESORES (Mexico) and NORASSIST (Canada) are set up.

2001.CREDIMAPFRE (Colombia) is set up. CONSOLIDATED PROPERTY & CASUALTY (U.S.A.) is acquired.

2003. ROAD AMERICA MOTOR CLUB (USA), NUOVI SERVIZI AUTO, the Irish reinsurance company GENERAL SERVICES REINSURANCE and CANADA LIFE INSURANCE of Puerto Rico are acquired.

2004. MAPFRE REINSURANCE CORPORATION is authorised to start operations in Canada

2005. MAPFRE increases its stake in MIDDELESEA INSURANCE plc (Malta). Acquisition of ABRAXAS (Great Britain) and a 51 per cent stake in Noxa Caixa Seguros e Previdencia (Brazil)

2006. MAPFRE ASISTENCIA opens a representative office in Jordania, acquires Canadian Roadside & Recovery Inc and starts operations in Travel Assistance in China. Agreement with Cattolica Di Assicurazioni to develop the Motor Insurance business in Italy.