LONDON--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of MAPFRE RE, Compañía de Reaseguros S.A. (MAPFRE RE) (Spain), MAPFRE GLOBAL RISKS, Compañía Internacional de Seguros y Reaseguros S.A. (MAPFRE GR) (Spain), and MAPFRE España, Compañía de Seguros y Reaseguros S.A. (MAPFRE España) (Spain) remain unchanged following MAPFRE S.A.’s (MAPFRE) announcement on 19 July 2018 that the group will restructure its global business. The outlooks of these Credit Ratings (ratings) remain stable.
The restructure, expected to be complete by January 2019, will see MAPFRE GR’s insurance and reinsurance business transferred to MAPFRE España and MAPFRE RE, respectively. MAPFRE GR will continue managing the relationship with policyholders and be responsible for technical aspects, including underwriting large risk business and claims management on behalf of the group. MAPFRE believes the restructure will improve operating efficiency through economies of scale and enhance service to its global clients.
At this time, A.M. Best’s view of the group’s credit rating fundamentals, in light of the restructuring announcement, remains unchanged for the above-mentioned MAPFRE subsidiaries. The subsidiaries remain strategically important to the MAPFRE group and continue to receive both implicit and explicit support from the group. A.M. Best will monitor the restructuring and its impacts on MAPFRE’s rated subsidiaries closely.
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