CORPORATE | 05.14.2015
MAPFRE changes its business name in the USA to MAPFRE Insurance, in a move to strengthen its global brand
The Malta affiliate has also been renamed MAPFRE Middlesea
MAPFRE announced a change to the name of its United States business, which will now be known as MAPFRE Insurance, in a move to improve its branding and name recognition in the country, which is considered strategic for the company’s expansion worldwide. Until now, the company operated under the name MAPFRE Commerce Insurance.
MAPFRE has been operating in the USA for more than 20 years through its MAPFRE ASISTENCIA business unit. In the year 2000 it began reinsurance activities in the region, and in 2008 it purchased the Commerce Group, its largest acquisition to date.
The headquarters of MAPFRE Insurance are located in Massachusetts, where MAPFRE has a market share of over 27 percent. Nationally, it is one of the top 20 automobile insurance companies, and the USA already contributes 10% of MAPFRE’s global net income.
Over the next three years MAPFRE plans to expand to three other states: Illinois, Virginia and Wisconsin. Moreover, in the last few months it has launched a Life insurance business and signed agreements with several commercial distributions chains on the West Coast of the USA, which will make it easier to reach the Hispanic population.
As part of this growth process, MAPFRE is actively seeking new distribution networks by opening its own offices and developing associated agents, and is set to launch a direct insurance company online in the near future. The large-client unit, MAPFRE GLOBAL RISKS, has also set the goal of gradually increasing its business in the region.