A.M. Best Co. said its financial strength rating of A+ (Superior) of Spanish reinsurer Mapfre Re, Compania de Reaseguros S.A. remains unchanged following an announcement by the company that it had approved a capital increase of 150 million euros ($181 million). Best also maintained the company’s stable rating outlook.
Mapfre Re plans to raise the funds in the first four months of 2004 through a rights issue. “This will be primarily through a capital contribution from its largest shareholder, Corporacion Mapfre (current share of 83.3%),” said the bulletin.
“The capital injection is in line with A.M. Best’s growth expectations for Mapfre Re, which includes new business in its core Spanish-speaking markets, in addition to expansion in Europe and the United States,” it concluded.
Was this article valuable?
Here are more articles you may enjoy.
Icahn Money Manager Sues His Bosses and Bausch + Lomb Over Anti-White Bias 
AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir 
State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order 
Son of Ponzi-Accused Georgia Building & Loan Founder Now an Insurance Agent 
