Mapfre


Mapfre, S.A. is a Spanish insurance company, based in Majadahonda, Madrid. The name comes from the old mutual origin of the company, but the company now only refers to itself as Mapfre. It is the leading insurance company in Spain and the largest non-life insurance company in Latin America.
The company purchased Webster, Massachusetts-based Commerce Insurance Group, a major provider of vehicle insurance, for over €1.5 billion in October 2007. Mapfre was listed in the Fortune Global 500 list on its 2008 edition. Rafael Nadal is officially sponsored by the company.
In October 2010, Mapfre acquired British travel insurance provider InsureandGo for an undisclosed sum.
In March 2012, Antonio Huertas took over as Mapfre's chairman from José Manuel Martínez, who had held the role since 2001.

History

Spain

In 1976 the Fundación Mapfre was set up as a private charitable foundation, headquartered in Madrid, which gives grants for various charitable purposes, including many in the cultural sector, mostly in the Spanish-speaking world.
In 2014 Fundación Mapfre opened a new exhibition space for photography in the centre of Madrid at Calle Bárbara de Braganza 13, opposite the National Library. The space is 868 square meters large spread over two floors. It opened with a retrospective exhibition by Vanessa Winship.
In 2015 it opened Fundación Mapfre Casa Garriga Nogués, a gallery in the Eixample district of Barcelona for painting and photography.
Espacio Miró is a permanent exhibition on the Catalan painter Joan Miró inaugurated in Madrid on December 13, 2016, organized by the Mapfre Foundation at its main headquarters on Paseo de Recoletos, 23.

Hurricane Maria

Three lawsuits filed in the Virgin Islands allege MAPFRE may be in violation of the federal Racketeer Influenced and Corrupt Organizations Act. Amber Stein filed the most recent suit Aug. 30.
“While MAPFRE is certainly inept, its refusal to hire enough qualified adjustors is also… by design and part of a pattern and practice intended to avoid” its legal obligations and “part of a pattern and practice of bad faith and deceit,” Stein's attorneys wrote in the complaint. Like Sheesley, Stein alleges MAPFRE offered pennies on the dollar. Stein had a contractor's estimate for more than $140,000 for repairs but MAPFRE offered $10,718.
To back up the allegation that these delays are part of a larger strategy, Stein and other recent suits point to the fact that Puerto Rico fined MAPFRE for similar delays in paying claims for hurricane damage there. In February 2018, the Puerto Rico Insurance Commissioner's Office fined seven companies a total of $2.4 million for delays that violated Puerto Rico law. MAPFRE PRAICO, the defendant in all of the V.I. cases, was fined $714,000 – the largest single fine. MAPFRE Pan American Insurance Company was separately fined $359,100.
Capital Crossing Servicing has filed a lawsuit against Mapfre Praico Insurance Company claiming the insurer has only paid $2.6mn of $39.6mn total submitted claims related to Hurricane Maria.