A.M. Best Affirms Ratings of MAPFRE RE and MAPFRE GLOBAL RISKS

LONDON--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings of “a” of MAPFRE RE, Compania de Reaseguros S.A. (MAPFRE RE) (Spain) and MAPFRE GLOBAL RISKS, Compania Internacional de Seguros y Reaseguros S.A. (MAPFRE GR) (Spain). The outlook for all ratings is stable.

The ratings of MAPFRE RE and MAPFRE GR reflect their integral role within the MAPFRE Group (MAPFRE), along with their strong level of operating performance and risk-adjusted capitalisation. The ratings of both companies benefit from the financial strength of MAPFRE and the support provided by the group.

MAPFRE exhibits a strong level of risk-adjusted capitalization that has been supported by robust overall earnings in recent years, despite challenging economic conditions in its domestic market. As further diversification is achieved, MAPFRE’s exposure to Spain’s economy continues to diminish year after year. Following the acquisition of the German and Italian operations of the Direct Line Insurance Group plc, MAPFRE agreed to sell its stake in CatalunyaCaixa Vida, S.A. d'Assegurances I Reassegurances and CatalunyaCaixa Assegurances Generals, S. A. d'Assegurances I Reassegurances to Catalunya Banc. In A.M. Best’s view, the combination of these two transactions results in increased geographic diversification and enhances MAPFRE’s business profile.

MAPFRE RE is integral to MAPFRE, centralising the group’s reinsurance purchasing and exclusively writing all third party inwards reinsurance business. MAPFRE RE’s financial performance has remained solid in recent years, benefitting from improved loss experience. The company is expected to maintain a strong level of risk-adjusted capitalisation over the medium term.

MAPFRE GR is critical to MAPFRE, providing cover for the group’s large international commercial clients in Spain and globally. The company has maintained an excellent underwriting and overall performance during 2014 and the first half of 2015. Over the medium term, A.M. Best expects capitalization levels at MAPFRE GR to evolve in line with its business plans.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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A.M. Best

Pablo Vasquez, +(44) 20 7397 0311

Financial Analyst

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Tim Prince, +(44) 20 7397 0320

Associate Director, Analytics

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Christopher Sharkey, +(1) 908 439 2200, ext. 5159

Manager, Public Relations

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Jim Peavy, +(1) 908 439 2200, ext. 5644

Assistant Vice President, Public Relations

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Source: A.M. Best