MAPFRE has opened in Sao Paulo the new offices of its brazilian reinsurance subsidiary. MAPFRE RE obtained last November 2008, the authorisation to establish a reinsurance subsidiary that will develop the potential of the recently liberated market. Since last April, MAPFRE RE is operating in the market as ressegurador eventual.
The offices of MAPFRE RE DO BRASIL are located in a modern building in the financial sector of the capital. With this subsidiary, MAPFRE RE reinforces even more its leadership as reinsurer in the region.
The opening events were chaired over Andrés Jiménez, Chairman of MAPFRE INTERNACIONAL and MAPFRE RE, and over the Managing Director and C.E.O. of MAPFRE RE, Pedro de Macedo. Bosco Francoy will be the General Manager of the new subsidiary. Among the celebrations, a reception was offered and counted with the attendance of representatives from all brazilian market.
MAPFRE RE, with direct presence in 16 countries, further than in Brazil, has offices in Argentina, Colombia, Chile, Mexico and Venezuela, from where it gives service to all its Latin American businesses. MAPFRE RE achieved in 2008 a volume of accepted premiums of €1,778.6 million, an increase of 11.1% over the previous year, which allowed the company to consolidate its position in the sector. The rating agencies S&P and AM Best have assigned MAPFRE RE financial strength ratings which rank among the highest in the worldwide insurance market.
26rd March 2009, Madrid
For further information, please contact MAPFRE, Corporate Department of Communications and Social Responsibility, (phone +34 91 581 81 96, fax +34 91 581 83 82, e-mail susanadiaz@mapfre.com).
