A.M. Best Comments on Credit Ratings of MAPFRE RE, MAPFRE GLOBAL RISKS, and MAPFRE España

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.

This press release relates to Credit Ratings 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 see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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A.M. Best

Jessica Botelho, CA

Financial Analyst

+44 20 7397 0310

[email protected]

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Ghislain Le Cam, CFA, FRM

Director, Analytics

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Christopher Sharkey

Manager, Public Relations

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Jim Peavy

Director, Public Relations

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Source: A.M. Best