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Company type | Subsidiary |
---|---|
Industry | Insurance |
Predecessor | Commerce Insurance Group |
Founded | 2008 |
Headquarters | , |
Area served | United States |
Key people | Jaime Tamayo (CEO) [1] |
Products | Car insurance, general insurance, casualty insurance, Commercial property insurance |
Parent | Mapfre S.A. |
Rating | A- (AM Best) |
Website | www |
MAPFRE Insurance is an American insurance company headquartered in Webster, Massachusetts. It was founded in 1972 as the Commerce Insurance Group and was acquired in 2008 by Spanish Mapfre S.A. after which the company name was changed.
MAPFRE Insurance writes property and casualty insurance in 19 states across the United States through a network of more than 4,200 independent agents and brokers. The company provides a full range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft, and businesses, as well as term life insurance in several states in the United States.
MAPFRE Insurance is a subsidiary of the Spanish multinational MAPFRE Group, an international insurer with business in 47 countries on five continents. The MAPFRE Group is a major insurer in Spain and also the non-life market in Latin America and the sixth-largest non-life insurer in Europe. [2]
Commerce Insurance was founded in 1972 as a small insurance company in the south-central Massachusetts town of Webster, where the company is still located and headquartered.
In April 2007, Commerce entered the New York personal lines insurance market through its acquisition of SWICO Enterprises, Ltd., the holding company for Hempstead, New York-based (link) property and casualty insurer State-Wide Insurance Company. State-Wide Insurance Company primarily writes private passenger automobile insurance in the state of New York.
In June 2008, The Commerce Group, Inc. was acquired by Mapfre S.A. Mapfre, based in Madrid, was founded in 1933 as a landowners' co-operative; it is now a public company and the largest insurance group in Latin America with a presence in 43 countries, and about 51,000 agents worldwide. [3]
In January 2020, MAPFRE Insurance entered into an alliance with Banco Pichincha which operates in Colombia and Ecuador. [4]
In February 2020, MAPFRE Insurance was involved in several claim cases due to Hurricane Maria in Puerto Rico. [5]
In March 2020, MAPFRE Insurance's One Winthrop Sq. was acquired by Nan Fung Life Sciences Real Estate. [6]
Tokio Marine Holdings, Inc., is a multinational insurance holding company headquartered in Tokyo, Japan. It is the largest property/casualty insurance group in Japan in terms of revenue and is the parent company for the Tokio Marine Group which employs 39,000 people in 38 countries worldwide.
Chubb Limited is a Swiss company incorporated in Zürich, and listed on the New York Stock Exchange (NYSE) where it is a component of the S&P 500. Chubb is a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.
Liberty Mutual Insurance Company is an American diversified global insurer and the sixth-largest property and casualty insurer in the world. It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. Based in Boston, Massachusetts, and featuring the Statue of Liberty on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue.
Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500. Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life. Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company.
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
The Hartford Financial Services Group, Inc., usually known as The Hartford, is a United States–based investment and insurance company. The Hartford is a Fortune 500 company headquartered in its namesake city of Hartford, Connecticut. It was ranked 160th in Fortune 500 in the year of 2020. The company's earnings are divided between property-and-casualty operations, group benefits and mutual funds.
Allianz Trade is an international insurance company that offers a range of services, including trade credit insurance, debt collection, surety bonds and guarantees, business fraud insurance and political risk protection. It monitors the financial health of over 80 million companies.
Axa XL is an American subsidiary of global insurance and reinsurance company Axa. It is headquartered in Stamford, Connecticut, domiciled in Hamilton, Bermuda, and has more than 100 offices on 6 continents.
Bankinter, S.A., is a Spanish financial services company headquartered in Madrid. It has been listed on the Bolsa de Madrid since 1972, and is part of the Ibex35 Index. It was founded in 1965 as an industrial bank through a joint venture between Banco Santander and Bank of America.
The Triple-S Management Corporation (TSM) —commonly known as Triple-S, or SSS— is an insurance holding company based in San Juan, Puerto Rico, which offers a wide range of insurance products and services in Puerto Rico through its wholly owned subsidiaries. Its headquarters are located at 1441 Franklin D. Roosevelt Ave., in the San Patricio section of San Juan.
Mapfre, S.A. is a Spanish multinational 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.
National General Insurance, formerly the GMAC Insurance Group is a Winston-Salem, North Carolina–based property and casualty insurance company. The company was founded in 1920. The company is the only insurance company in the United States to originate within the automotive industry.
Allianz SE is a European multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management.
The Commerce Insurance Company, formerly known as Commerce Insurance Group, was an American company that provided personal insurance, commercial property insurance, and casualty insurance in Massachusetts and New Hampshire. Their core product lines included personal automobile, homeowners, and commercial auto insurance. It was acquired by Spanish insurance group Mapfre in 2008 and renamed as MAPFRE Insurance.
The Banco Pichincha is the largest private-sector bank in Ecuador, by capitalization and by number of depositors. It is the primary bank of the Pichincha Group, a business group that includes the companies associated with the bank and businesses related to Fidel Egas Grijalva and his family, which include Diners Club of Ecuador, Picaval and Teleamazonas.
Mapfre Middlesea plc is a Maltese insurance company headquartered in Floriana. It is a subsidiary of the Spanish multinational insurance company MAPFRE.
Banco Bilbao Vizcaya Argentaria, S.A., better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present mainly in Spain, Portugal, Mexico, South America, Turkey, Italy and Romania.
La Capitale Financial Group Inc. was a Canadian business that provided insurance products and financial services in Quebec, Canada. The company was headquartered in Quebec City and mainly active in Quebec, though extending its services into Ontario since 2008. With more than 900 institutions and 600,000 members of staff, La Capitale General Insurance ranked among the largest insurers in Quebec. It merged with SSQ Insurance in 2022 to become Beneva.