Mapfre
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US specialty insurers in The Insider 50 were the clear winners last week. -
Property cat reinsurance rate rises still lag behind those of primary insurance, executives said during Q2 conference calls.
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The return to profit comes after Mapfre last week announced plans to transform the unit into an intra-group MGA.
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Insurers that have started fixing what’s broken early and rethinking what it’s worthwhile writing and from where may be better placed than those watching and waiting.
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The reorganisation will entail no redundancies among Mapfre Global Risks’ 290 staff.
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The Spanish (re)insurer will fold the UK, French and Italy Global Risks branches into Mapfre Re, while the unit’s German operation will close in October.
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The insurer and bank plan to consolidate parts of shared insurance operations.
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Plymouth Rock buys operations in New York and New Jersey.
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The Spanish insurer's commercial specialty division rebounds from a period of large losses.
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Support from the parent and an improved outlook for Spanish sovereign debt prompt the upgrade.
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