History Of Mapfre

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Spanish Born
Starting its commercial activities firstly in Spain, MAPFRE, continues to expand its operations worldwide from its achievements and learnings at its homeland.

1933 MAPFRE was founded as an Agricultural Insurances Firm.

1944 An agreement was signed with Caja Nacional del Seguro Obligatorio de Enfermedad (National Fund for Obligatory Medical Insurances).

1954 The firm reached the brink of bankruptcy due to substantial investments in pharmaceuticals.

1955 Ignacio Hernando de Larramendi was appointed as the firm’s General Director, whereupon the firm resumed its upwards trend. The company’s operations in the field of Medical Insurances were discontinued.

1962 MAPFRE acquired Central de Obras y Créditos which oversaw the network of financial firms throughout Spain

1966 The Occupational Accidents Insurance business was taken over by the state. MAPFRE MUTUALIDAD and MAPFRE MUTUA PATRONAL operating in the ACCIDENTES de TRABAJO (Occupational Accidents) sector separated their assets and became two distinct companies.

1970 MAPFRE evolved into an insurance group composed of the parent company, mutual company (car insurances), as well as two subsidiaries -MAPFRE VIDA (personal insurances) and MAPFRE INDUSTRIAL (other branches).

1975 FUNDACIÓN MAPFRE (MAPFRE FOUNDATION) and MAPFRE SERVICIOS de REASEGURO (MAPFRE Reinsurance Services) were established.

1977 The foundations of MAPFRE INTERNACIONAL were laid down through the takeover of Mundial de Inversiones, with a view to initiating foreign investments.

1981 Central de Inversión y Crédito (Investment and Credit Center) became CORPORACIÓN MAPFRE.

1982 MAPFRE CAUCIÓN Y CRÉDITO was incorporated.

1983 MAPFRE rose to the top of the list of insurance firms. MAPFRE GUANARTEME, FUNDACIÓN GUANARTEME and CENTRO DE INVESTIGACIÓN Y SEGURIDAD VIAL MAPFRE (Cesvi), known today as CESVIMAP, were founded.

1984 SISTEMA MAPFRE was created. The Comisión de Defensa del Asegurado (Customer Protection Committee) was established.

1985 Mutualidad Agropecuaria was included in the system as MAPFRE AGROPECUARIA.

1988 MAPFRE RE, MAPFRE ASISTENCIA, MAPFRE INVERSIÓN and MAPFRE VIDA PENSIONES were established. MAPFRE VIDA, MAPFRE MEDICINA and MAPFRE ESTUDIOS foundations were established. The international investments of MAPFRE ASISTENCIA took off.

1990 Julio Castelo was appointed Chairman of MAPFRE MUTUALIDAD. BANCO MAPFRE commenced its operations. MAPFRE SEGUROS GENERALES was established. MAPFRE rose to first place among the insurance firms of Latin America.

1998 The first agreement with CAJA MADRID was signed. MAPFRE INTERNACIONAL was renamed MAPFRE AMERICA, followed by the foundation of MAPFRE AMERICA VIDA and MAPFRE AMERICA CAUCIÓN Y CRÉDITO.

2000 A strategic merger deal was reached between MAPFRE and CAJA MADRID. MAPFRE MUTUALIDAD acquired MAPFRE AMERICA VIDA. The “Good Management Practices” were introduced.

2001 Jose Manuel Martínez was named the new Chairman of SISTEMA MAPFRE. MAPFRE SEGUROS GENERALES acquired Grupo Finisterre.

2002 MAPFRE MULTICENTRO DEL AUTOMÓVIL, MAPFRE RENTING and CLUB MAPFRE DEL AUTOMÓVIL were established. MAPFRE VIDA assumed first place in Spain’s insurance sector. MAPFRE’s administrative operations were taken over by the new management team.

2003 The merger between MAPFRE MUTUALIDAD and MAPFRE AGROPECUARIA was approved.

2004 MAPFRE’s participation in United Nations Global Compact was approved. Majority shares of QUAVITAE were acquired.

2005 MAPFRE reformed its management structures. ENKEN SERVICIOS DE PREVENCIÓN (Prevention Services) and ENKEN ASISTENCIA SANITARIA (Medical Assistance) were acquired. Viajesmapfre.com began operations.

2006 MAPFRE approved its new management structure whereby all its operations would be transferred to the a-listed firm MAPFRE S.A.

2007 MAPFRE AUTOMÓVILES acquired MUTUA VALENCIANA AUTOMOVILISTA. Agreements were made with CAJA CASTILLA LA MANCHA, BANKINTER and CAJA DUERO for the joint development of Life and Pension Insurances operations.

2008 The General Assembly of MAPFRE approved the proposal for the revision of the strategic merger with CAJA MADRID. Ignacio Baeza Gómez, Miguel Blesa de la Parra, José Antonio Moral Santín and Esteban Tejera Montalvo were appointed as Board Members of MAPFRE S.A. In 2008, MAPFRE increased its net profits by 23.2%, to 900.7 million Euros.

1984 MAPFRE SEGUROS GENERALES Colombia was established.

1986 CORPORACIÓN MAPFRE liaison offices were opened in Lisbon and Milan. MAPFRE CAUCIÓN y CRÉDITO, MAPFRE SEGUROS GENERALES and MAPFRE VIDA general agencies were established in Portugal. MAPFRE ACONCAGUA (Argentine) was acquired. ACONCAGUA (Paraguay) and EUROAMÉRICA (Chile) were incorporated.

1987 ITSEMAP PORTUGAL was established.

1988 MAPLUX RE (Luxemburg) was incorporated.

1989 MAPFRE RE became a shareholder of C.I.A.R (Belgium). CAJA REASEGURADORA (Chile), SEGUROS TEPEYAC (Mexico) and GRUPO PRAICO (Puerto Rico) were acquired. VENEASISTENCIA (Venezuela), IBEROASISTENCIA (Argentina) and SUR ASISTENCIA (Chile) were established.

1990 IBERO ASSISTENCIA (Portugal) was established.

1991 A MAPFRE RE liaison office was set up in London. IRELAND ASSIST (Ireland), AFRIQE ASSISTANCE (Tunisia) and MAPFRE GARANTIAS Y CRÉDITO (Chile) were established. REASEGURADORA HEMISFÉRICA (Colombia) were acquired.

1992 CRUZ SEGURADORA (Brazil) and VERA CRUZ VIDA E PREVIDENCIA (Brazil) were acquired. BRASIL ASISTENCIA and ANDI ASISTENCIA (Colombia) were established.

1993 FEDERAL ASSIST (US) was established.

1994 MAPFRE RE liaison office in London was transformed into a branch. MAPFRE URUGUAY, FRANCE ASSIST (France), EUROSOS ASSISTANCE S.A. (Greece), FEDERAL ASSIST (Puerto Rico) and GULF ASSIST (Bahrain) were established. MAPFREPROGESS (Sicily) and Grupo Amstar (US) were acquired.

1995 MAPFRE ASIAN (Philippines) was acquired. TURASSIST (Turkey), ECUASISTENCIA (Ecuador), PERÚ ASISTENCIA and CARIBE ASISTENCIA (Dominican Republic) were established.

1996 LA SEGURIDAD (Venezuela) was acquired. URUGUAY ASISTENCIA and MAPFRE ACONCAGUA A.R.T. commenced operations.

1997 A MAPFRE RE branch was opened in Brussels. A MAPFRE RE liaison office was set up in Athens. ALL-MAP-ASSIST GMBH (Germany), QUETZAL ASISTENCIA (Guatemala), PANAMÁ ASISTENCIA and AFORE TEPEYAC (Mexico) commenced operations. MAPFRE PERÚ (Peru) was acquired.

1998 MAPFRE ASISTENCIA offices were set up in the UK and Moscow, followed by the establishment of IBEROASISTENCIA assistance offices in the Philippines. MAPFRE ACONCAGUA VIDA (Argentina) and COSTA RICA ASISTENCIA commenced operations.

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

2000 CORPORACIÓN FINISTERRE (Peru) was acquired. MAPFRE REINSURANCE CORPORATION (US) , MAPFRE CHILE VIDA, TEPEYAC ASESORES (Mexico) and NORASSIST (Canada) began operations.

2001 CREDIMAPFRE (Colombia) commenced operations. CONSOLIDATED PROPERTY & CASUALTY (US) was acquired.

2003 ROAD AMERICA MOTOR CLUB (US), NUOVI SERVIZI AUTO, Irish Insurance Firm GENERAL SERVICES REINSURANCE and CANADA LIFE INSURANCE of Puerto Rico were acquired.

2004 MAPFRE authorized REINSURANCE CORPORATION to commence operations in Canada.

2005 Shareholding in MIDDELESEA INSURANCE (Malta) was increased. ABRAXAS (Great Britain) was taken over, followed by the acquisition of a 21% stake in Noxa Caixa Seguros e Previdencia of Brazil

2006 MAPFRE ASISTENCIA opened a liaison office in Jordan; Canadian Roadside& Recovery Inc. was acquired, followed by the commencement of travel assistance operations in China. MAPFRE EMPRESAS liaison offices were opened in London and Paris.

2007 80% of Turkish Insurance Firm GENEL SİGORTA was acquired, along with REAL PARAGUAYA DE SEGUROS and REAL URUGUAYA DE SEGUROS. The agreement for the acquisition of THE COMMERCE GROUP of the US was announced. MAPFRE Group began direct insurance operations in Ecuador. MAPFRE ASISTENCIA began operations in India, Algeria, Poland, and Egypt; MAPFRE EMPRESAS opened a liaison office in Cologne, Germany.

2008 MAPFRE RE opened a branch in Brazil. MAPFRE concluded its largest investment to date, with the acquisition of THE COMMERCE GROUP of the US. The acquisition of the majority shares of Ecuador based ATLAS was completed. MAPFRE set up an assistance affiliate in Dubai.

2009 MAPFRE increased its attributable results by 2.9 points, to EUR 926.8 million.

2010 An agreement was made between CAIXA CATALUNYA, CAIXA MANRESA and CAIXA TARRAGONA, about the development of bank assurance and pension businesses. The group announced restructuring for more effective management of its processes as a multinational firm. MAPFRE increased its turnover by 8.7% to EUR 20.470 million, and announced net attributable results reaching EUR 933.5 million.

2011 Chairman José Manuel Martínez and Vice Chairman Andrés Jiménez announced their intention to resign by the end of the year. Antonio Huertas, the current Chairman, was appointed as the replacement. It was announced that MAPFRE’s net results were EUR 963 million.

2012 An agreement was reached with BANKITER for the joint development of commercial, medical, burial, payment protection areas.
Antonio Huertas’ chairmanship term began.
MAPFRE’s turnover figure exceeded EUR 25 billion.