As part of the US expansion plan, which includes rolling out Life and Direct Insurance lines in coming months. The company already operates in 17 US states
MAPFRE INSURANCE, the group’s US subsidiary, will start operating in Pennsylvania’s insurance market by providing automobile and home insurance through its network of independent agents.
The launch of operations in Pennsylvania represents a milestone in MAPFRE’s expansion plans in the United States, a country with strategic importance in the global expansion of the business.
“Pennsylvania is an exciting opportunity for our company in the context of our expansion plan,” explained Jaime Tamayo, MAPFRE CEO in the US. “The local insurance market is large and solid. We have established our operation with the firm commitment to offer clients our differentiated products and services at very competitive prices.”
The company is already physically present in 17 states, including Massachusetts, the headquarters of MAPFRE INSURANCE, where it has a market share of over 27%. Nationally, it is one of the top 20 automobile insurance companies; the U.S. already contributes 13% 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 the group has signed agreements with several commercial distributions chains on the West Coast of the US, which will make it easier to reach the Hispanic population.
As part of this growth process, MAPFRE is actively looking for new distribution networks by opening its own offices and developing associated agents, and it is set to launch a new Life insurance subsidiary and a Direct Insurance company online in the very near future.
MAPFRE first started operating in the US in 1993, through MAPFRE ASISTENCIA. In the year 2000 it expanded into the reinsurance business through MAPFRE RE, and in 2008 it closed the biggest acquisition deal in its history with the purchase of The Commerce Group.
MAPFRE is a global insurance group present in 47 countries across five continents. It is the leader in Spanish market, the largest multinational insurer in Latin America and among the top 10 European insurance companies by premium volume. MAPFRE employs more than 36,000 people and has over 23 million customers worldwide. In 2013, MAPFRE posted net earnings in excess of 790 million euros on revenues of 25,889 million euros.