Mapfre, a Spain-based reinsurer, has started overhauling global risks business as part of its plan to strengthen management and business capacity for the corporate solutions business.
Through this exercise which also includes shutting down its Germany branch, the company also aims to bring greater financial stability and efficiency to the group.
Mapfre Global Risks offers insurance solutions to large companies, multinational coporates and businesses in global activity sectors.
As per the reorganisation plans, Mapfre Global Risks will underwrite the large risks business on behalf of the group. It will concentrate its activities where MAPFRE assumes the business lead.
Under the new structure, the issuing process will be carried out by the Mapfre companies in the various countries which will be reinsured by Mapfre Re.
Moreover, Mapfre Global Risks will shift its reinsurance business to Mapfre Re, and its insurance business to Mapfre Spain.
Similarly, Mapfre Re will presume the operations subscribed by Mapfre Global Risks in various countries of the European Union (EU). This process will ensure integration of branches in the UK, France and Italy into Mapfre Re, whereas the German branch will be shut operations form 1 October.
Mapfre chair and chief executive Antonio Huertas 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.”
The restructuring is scheduled to be completed by January next year.