Bosco Francoy

CEO
MAPFRE Global Risks

Dear friends,

This past July, President Antonio Huertas presented outstanding first-quarter results for the Group, which reflect the Strategic Plan’s strength and its success in meeting the high standards we set for ourselves at MAPFRE. With solid growth across all countries and Units, net profit reached €462 million (+46%), where MAPFRE Global Risks contributed €21 million, representing a 64% increase compared to the same period last year, and a Combined Ratio of 86.7%. These figures allow us to be optimistic about the second half of the year, though we remain cautious, as always, in the Major Risks business.

As you all know, we are in the middle of hurricane season, which usually adds an element of uncertainty to the second half of the year. But that’s not all. We are also facing new challenges due to a market that is entering a more competitive cycle; new risks such as those related to Artificial Intelligence, as we saw at MAPFRE’s International Global Risks Seminar; and new challenges related to sustainability in Infrastructures and the Mining Industry. As on previous occasions, I encourage you not to let your guard down when it comes to underwriting accuracy.

I would like to take this opportunity to give a warm welcome to Álvaro Núñez, who is joining the MAPFRE Global Risks team as Business Development Deputy General Manager and as a member of the Management Committee. Under his leadership, we will continue to drive business development for Great Risks in Latin America, enhance our efforts in other international markets (Europe, the United States, and Canada), and strengthen the International Benefits Programs for Employees, which are vital to our Unit.

To conclude, I encourage you to explore the contents of this Newsletter, as it’s an important source of information for understanding and managing our risks. In this edition, you’ll find an analysis of market trends, the budgeting process, and the geopolitical environment. We’ll also explore how MAPFRE Brazil is strengthening its relationship with large brokers; we’ll celebrate the incorporation of Artificial Intelligence in our business through GloRIA, and dive into all the details about General Average. Lastly, you’ll get to meet Álvaro Nuñez and Adriana Acevedo in the Who is Who section.

Before I say goodbye, I’d like to give a special mention to the recent retirement of our colleague Ismael Campos. With his exemplary work at MAPFRE Mexico, and his flawless track record, he deserves to enjoy this new chapter and be acknowledged for the impact he has made.

With the recent conclusion of the Olympic Games in Paris, let me draw an analogy: MAPFRE Global Risks is in the final sprint toward the 2024 finish line. To make this happen, your ability to adapt and the effort you’ve put in during these times of change will be crucial to our success.

Kind regards,

Bosco Francoy