MAPFRE and Mitsui Sumitomo extend global agreement

The two groups have also agreed to widen the scope of activities covered by the agreement to include services such as reinsurance and risk consulting.

The two groups have worked increasingly together to service customers in markets outside of their core territories, particularly in Mexico in recent times.

MAPFRE currently operates in more than 40 countries, mainly in Spain, Portugal and Latin America. Mitsui also provides insurance in more than 40 countries, largely in Japan and Asia.

The pair said in a statement that they have decided to reinforce their commitment by ‘taking advantage’ of each other’s network.

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Under the agreement, the companies will provide reciprocal insurance and reinsurance services, mainly for large industrial risks. Both companies will also collaborate in risk consulting services. In the case of MAPFRE this will be provided through MAPFRE GLOBAL RISKS and its subsidiary ITSEMAP, its risk engineering operation.

These are two big insurance groups that have threatened to seriously break out of their traditional heartlands in recent times. Both have upped their presence further across Europe notably in Germany, France and the UK in the corporate insurance market.

This move may perhaps unleash a serious option for large insurance buyers with Latin American and Asian risks to cover.

MAPFRE operates in 40 countries and has over 36,700 employees. In 2010 it reported a net profit of nearly €935m on the back of revenue of €20.47bn.

MSI, a subsidiary of MS&AD Insurance Group Holding, the largest Japanese Non-Life Insurance Group (MS&AD) also operates in more than 40 countries and has more than 47,600 employees. As of March 2011, it generated net premiums of €21.61bn and held total assets of €97.34bn.

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