MAPFRE History
MAPFRE born in August 1933 as Co-Workers' Compensation. After the Spanish Civil War in 1944, establishing its headquarters in Madrid and signs an agreement with the National Fund of Compulsory Health Insurance. En1954 and due to increased drug costs and pharmacy, the organization is experiencing a major crisis that comes close to bankruptcy a year later when Ignacio Hernando de Larramendi is the director general of the entity, and performing saneándola policy control of resources and expenditure.
Mutual subsequently diversified its business to other branches of insurance. But with the passage of the Statute on Social Security in 1963 when the Mutual Occupational Accidents are no longer private entities to become associates of Social Security in Spain. In 1966 he adopted the Social Security Act, as private branch MAPFRE must be separated from the parent company, which changed its name to Employers MAPFRE.
In 1973 MAPFRE becomes the mutual insurance group as a matrix (cars) and two subsidiaries MAPFRE Life (personal insurance) and Industrial MAPFRE. In 1975 he created the Fundación MAPFRE. In 1977 World Investment MAPFRE becomes International investment groups abroad and in 1981 Central Investment and Loan becomes CORPORATION MAPFRE. In 1983 MAPFRE acquires the status of leader in the Spanish market and began its expansion in Latin America, mainly in Argentina, Chile, Colombia, Mexico, Puerto Rico and the United States. In 1991, Employers Mutual, which is no longer part of the system to be collaborating institution from 1966 Social Security is renamed Fremap.
MAPFRE is the leading Spanish insurance, covering financial, insurance, reinsurance, property and services, is one of the largest Spanish companies by revenue and profits.
Since 2001, the President is José Manuel Martínez MAPFRE. Its headquarters is located in Majadahonda, Madrid.
MAPFRE in 2006 began a process of demutualization, which led the organization to become a corporation and the company with major shareholders of Spain. All the company's businesses were integrated into MAPFRE SA, still controlled most of the shares of the company by Fundación MAPFRE.
In January 2008 MAPFRE absorbs Valenciana Mutual Automobile business.
MAPFRE's story contrasts with that of other insurers for their continuous changes in structure, sometimes by law (if Fremap) and others identify opportunities for business (such as the creation and subsequent reabsorption of entities and Balearic islands as MAPFRE MAPFRE Guanateme) and by the absorption of other companies to win business (Musini, Insurance Finisterre, Mutua Valenciana Driver) and the creation of companies that take advantage of synergies in the group (SEGURMAP, Banco MAPFRE Quavitae purchase). Try to rationalize the system first by MAPFRE, and following the agreement with Caja Madrid (roughly, the Fund takes over and MAPFRE Bank absorbs and integrates MAPFRE Caja Salud in its insurance division, creating a holding company owned by both for this ) with the Mutual MAPFRE conversion into a corporation. On January 1, 2009 have been integrated MAPFRE Automobiles, MAPFRE MAPFRE Seguros Generales and Mapfre Caja Family Health.
