Mapfre Re Receives Brazil License

Mapfre Re announced that it has been authorised to establish a local reinsurer in Brazil, through its new subsidiary MAPFRE RE DO BRASIL Companhia de Reasseguros.

The bulletin noted that Bosco Francoy, “together with a group of talented managers,” will manage the new company, which will be a 100 percent owned subsidiary of Mapfre.

Mapfre Re is a member of Spain’s Mapfre group. It now has a “direct presence in 16 countries, has offices in Argentina, Colombia, Chile, Mexico and Venezuela, from where it gives service to all its Latin American businesses,” the bulletin added. Premium volumes in 2007 were €1.6 billion ($2 billion), an increase of 11.2 percent over the previous year, which allowed the company to consolidate its position in the sector.

Source: Mapfre Re – www.mapfre.com