MAPFRE GLOBAL RISKS announced plans to “enter into new markets and grow in those where it has not consolidated its presence yet,” beginning with efforts to “increase its business operations in Europe.”
Alfredo Castelo, MAPFRE GLOBAL RISKS’ Chairman, addressing the inaugural session of MAPFRE GLOBAL RISKS’ XXIII International Seminars, outlined the strategy. He noted that as part of its efforts to boost growth the group already has three subsidiaries in Europe (London, Paris and Cologne) as well as a representative office in Milan.
The bulletin explained that in the “next three years, the contribution of the European business to the company’s total turnover is expected to exceed 30 percent, compared to 10 percent at present. Currently, Spain (the country where MAPFRE GLOBAL RISKS is the benchmark insurance undertaking for Spanish multinational companies, including 27 of the 35 companies in the Ibex 35) accounts for 41 percent of the company’s business, whereas Latin America represents 43 percent, with the rest coming from other countries.
“In addition to Europe, the company also aims to extend its presence to other regions, such as the USA or Asia, in order to increase its client portfolio and further diversify its business.”
Source: MAPFRE GLOBAL RISKS
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