Madrid-based MAPFRE S.A. has promoted Jaime Tamayo as CEO of the international territorial area.
In his new responsibilities, Tamayo will oversee three regions at MAPFRE: the North America region; the EMEA region, comprising Europe, Middle East and Africa, and the Asia Pacific region.
He will succeed Javier Fernández-Cid in this position, who will retire at the end of the year.
Tamayo is currently the CEO of MAPFRE USA Corp. and CEO of MAPFRE’s North America region. Tamayo will be succeeded by Alfredo Castelo, who is currently CEO of MAPFRE Global Risks. (See below for details of Castelo’s biography).
All changes will take effect on Jan. 1, 2017.
Since joining MAPFRE in 1993, Tamayo has held a number of executive positions in Puerto Rico and the U.S. Since 2001, he has led MAPFRE’s operations in the United States, and in January 2014, he assumed additional regional responsibility as CEO of MAPFRE North America (USA, Canada and Puerto Rico), overseeing revenues in excess of $3.1 billion.
As CEO of MAPFRE USA, Tamayo has been instrumental in the substantial expansion of MAPFRE’s business in the U.S. from a nominal presence in early 2008 to achieving revenues exceeding $2.3 billion in 2015, the company said in a statement.
Under his direction, MAPFRE solidified its leadership position in Massachusetts where MAPFRE is the largest auto, homeowners and commercial auto insurer and the company expanded its presence outside Massachusetts where it now does business in 19 states. MAPFRE USA also launched U.S. Life Insurance operations in 2015. MAPFRE’s brand recognition in the United States saw a threefold increase during Mr. Tamayo’s tenure. He also spearheaded the distribution transformation of MAPFRE USA, launching new channels including entering the increasingly important digital channel.
North America Regional Area
Castelo has been appointed as CEO of MAPFRE USA Corp. and CEO of the North America region, succeeding Tamayo in January 2017.
He joined MAPFRE as a deputy manager in the MAPFRE Industrial general management in 2004. During his career at MAPFRE, he has held a number of international senior positions including CEO of MAPFRE Caucióon y Crédito and positions at MAPFRE Empresas and MAPFRE Internacional. In October 2010 he was appointed third vice chairman of the Global Businesses Management Committee. Castelo also serves as vice chairman of Solunion. Castelo holds a degree in economics and actuarial sciences.
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