Within the framework of transparency designed to increase the quantity and quality of information the various MAPFRE stakeholders receive about the company, Investor Day was held in Madrid on December 1. MAPFRE chose this occasion to announce that it will be paying out over 1.1 billion euros to those affected by natural disasters in North America and the Caribbean, and reaffirmed its estimated net impact of 176 million euros.
It also revealed changes to its corporate structure. Thus, MAPFRE USA is resizing its business by concentrating its operations in Massachusetts, Connecticut, Rhode Island, New Hampshire, Maine, Vermont, Ohio, California, Oregon, Washington and Idaho. In addition, it will continue operating in Florida, Pennsylvania and Arizona. To facilitate this resizing operation, the corporate structure has also been reorganized into two major regional areas: Massachusetts/Northeast Region and three regional centers in the rest of the country, while Verti U.S. has been launched for digital direct insurance.
Moreover, the new Regional Area of EURASIA has been created. From January 2018, it will manage MAPFRE’s business in Europe (except for IBERIA), the Middle East and Asia, integrating the current Regional Areas of APAC and EMEA.
Finally, the creation of a new sub-region within the LATAM North Regional Area was also announced. It will bring together all of MAPFRE’s activities in Central America (Panama, Honduras, El Salvador, Guatemala, Costa Rica and Nicaragua) and the Dominican Republic. It will be based in Panama.