MAPFRE Promotes CEO Credited with Greatly Expanding U.S. Operations

May 4, 2016

Business concept: black text Executive Team under the curled piece of Green torn paper with Hand Drawn Business IconsMAPFRE S.A. made two big changes to its global executive roster, with one executive in particular gaining a greater role after successfully growing the insurer’s U.S. operations.

The Spanish insurance giant promoted Jaime Tamayo to CEO of MAPFRE’s international territorial area. In his new role, Tamayo will oversee Europe, the Middle East, Africa, and the Asia Pacific Region.

Tamayo, a MAPFRE executive since 1993, is currently CEO of MAPFRE USA Corp. and also CEO of the insurer’s North America region. He replaces Javier Fern├índez-Cid, who is retiring at the end of 2016. The executive change takes place on Jan. 1, 2017.

MAPFRE, gives Tamayo credit for expanding the insurer’s U.S. presence from tiny in 2008 to more than $2.3 billion in revenues in 2016. He also helped MAPFRE become the biggest auto, homeowners and commercial auto insurer in Massachusetts, and expand its property/casualty business presence to 19 states overall, the insurer said. As well, MAPFRE USA launched U.S. life insurance operations in 2015.

Tamayo’s promotion leaves a vacancy in MAPFRE’s USA and North America CEO slots, and Alfredo Castelo will fill those slots. Castelo, currently CEO of MAPFRE Global Risks, has been with MAPFRE since 2004, when he began as a deputy manager in the MAPFRE Industrial general management division.

Castelo also assumes his new responsibilities on Jan. 1.

Source: MAPFRE S.A.