MAPFRE is a multi-national insurance company in Majadahondam, Madrid, founded in 1933. The company is part of the MAPFRE Group, a global insurance group that does business in over one hundred countries and five continents.
The company's name comes from the old mutual origin of the company Mutualidad de la Agrupación de Propietarios de Fincas Rústicas de España. MAPFRE employs over 34,000 people worldwide. MAPFRE was created as the Mutual Insurance Company of the Association of Owners of Rural Properties in Spain with the goal of creating its activity, initially to other insurance lines such as life, accident, and transport.
From the 1950s, MAPFRE extended work into other insurance areas, such as life, accident, and transport. In the 1970s, MAPFRE began its international strategy in Latin America with assistance and reinsurance. In 1975, they launched Fundacion MAPFRE, a non-profit organization built as a vehicle to deliver a commitment to help improve quality of life and social progress.
By the 1980s, MAPFRE was the leading insurance company in Spain. By the 1990s and 2000s, MAPFRE broadened its progress in Latin America and entered the Asian market, becoming part of the IBEX35. In 2006, the company became a publicly quoted company and gained financial independence.
In 2007, MAPFRE executed a reorganization that provided a new corporate structure and a financial capacity, making it possible to continue to increase activities and international expansion. In 2012, Antonio Huertas became the chairman and CEO of the group that had become multinational.