Spain’s MAPFRE, Japan’s Mitsui Sumitomo Reinforce Collaboration Pact
MAPFRE, a major non-life insurance group in Spain and Latin America, and MITSUI SUMITOMO INSURANCE (MSI), Japan’s principal non-Life insurance group in Asia, announced that they have “extended their framework partnership agreement to all the countries where the groups have operations.”
In addition they have both broadened their scope to other activities, including reinsurance and risk consulting services.
The agreement strengthens the already existing ties between MAPFRE and MSI, which the announcement described as their “satisfactory cooperation, particularly in Mexico.” It’s aimed at boosting “competitiveness and service in growing markets.” Both groups operate in more 40 countries, and the enhanced agreement will “reinforce their commitment taking advantage of its partner’s network.”
According to the agreement, the companies will “provide reciprocal insurance and reinsurance services, mainly for large industrial risks. Likewise, both companies undertake to collaborate in risk consulting services, which in the case of MAPFRE will be provided through MAPFRE GLOBAL RISKS and its subsidiary ITSEMAP, which is the MAPFRE Group`s company specialized in the management of engineering services applied to insurance. This framework agreement lays the basis for the partnership between both companies and will be applied according to the agreements reached locally.”
Both of the companies are significant players in the global re/insurance market. The bulletin noted that MAPFRE has “over 36,700 employees, nearly 70,000 associates and more than 20 million customers worldwide. In 2010, it achieved a net result of nearly €935 million [$1.324 billion] and its revenues amounted to €20.47 billion [$29 billion].
“MSI is a subsidiary of MS&AD Insurance Group Holding, Inc, the largest Japanese Non-Life Insurance Group. It operates in more than 40 countries and has more than 47,600 employees. As of March 2011, it achieved net premiums of JPY 2,541 billion (€21.61 billion [$30.6 billion]) and had total assets of JPY 11,445 billion (€97.34 billion [$137.833 billion]).
Source: MAPFRE and MSI
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