Find Real Estate Agents and Homes for Sale

Real Estate News --> Kentucky News

Safeco to Take Up Mapfre’s Tennessee, Kentucky, Indiana Business

MAPFRE has agreed to provide Safeco the opportunity to underwrite its personal lines policies in the states of Indiana, Kentucky and Tennessee ... had been hit by the fall in value of Brazilian real estate and its large unit there posted a 47 percent ...

Archived Story

MAPFRE Insurance, which last year decided to exit five states and focus on 11, is turning over its personal lines business in three of the five states it is leaving to Safeco Insurance, a Liberty Mutual unit. MAPFRE has agreed to provide Safeco the opportunity to underwrite its personal lines policies in the states of Indiana, Kentucky and TennesseeThrough this agreement, which is effective March 1, MAPFRE will begin its withdrawal from these states as part of the company’s strategic plan, announced in December 2017, to focus on MAPFRE’s core states and lines of business. The insurer has said it would sell its life business and conduct an orderly withdrawal from the personal lines markets in its underperforming states, including finding replacement carriers where viable, which appears to be the case in the three states where Safeco is stepping in. This announcement still leaves the fate of its business in two states– New York and New Jersey– uncertainIn the case of New York, the company is pursuing the sale of its New York subsidiary, MAPFRE Insurance Coof New York, and in terms of its life business, it is trying to sell its Delaware based subsidiary, MAPFRE Life Insurance Co. “This transaction represents definitive progress on MAPFRE’s profitable growth strategy in the U.S., allowing us to focus operations on a reduced number of states,” said Alfredo Castelo, president and CEO of MAPFRE Insurance“We are pleased to partner with Safeco to provide a seamless transition for our agents and customers.” MAPFRE USA has identified 11 core states where it will continue to pursue a profitable growth strategy: Massachusetts, Connecticut, Rhode Island, New Hampshire, Maine, Vermont, Ohio, California, Oregon, Washington and IdahoThe insurer said it will also continue to operate in three additional states — Florida, Pennsylvania, and Arizona – but said in these states it “must first reinforce the company’s underwriting and distribution foundation” before expanding its writings. MAPFRE Insurance is part of the MAPFRE Group, a global insurer that is a leader in Spain and Latin America and one of the top 10 insurance companies in Europe in terms of premium volumeAfter Mapfre SA posted a 32 percent drop in quarterly net profit in the fourth quarter of 2016, Antonio Huertas, chairman and CEO of MAPFRE Group, said he wanted to improve the insurer’s efficiency and profitability by exiting some businesses, increasing prices and raising provisions in units including its domestic Spanish marketThe insurer had been hit by the fall in value of Brazilian real estate and its large unit there posted a 47 percent decline in net profit in the three months through December from a year earlier. Gary Fischer, senior vice president of Distribution Strategy and Operations Support at Safeco Insurance, said his company is committed to the success of independent agents“This innovative approach to book transfer leverages our leading products and services to help grow their business while providing their customers with a great experience,” Fischer said. Related: MAPFRE USA to Exit 5, Focus on 11 States; Sell New York and Life Units Want to stay up to date? Get the latest insurance newssent straight to your inbox. Submit Email This Subscribe to Newsletter Email to a friend Facebook Tweet LinkedIn Print Article Categories: National NewsTopics: Business Moves & Mergers, MAPFRE, Safeco Have a hot lead? Email us at Advertisers Add a CommentSee All Comments (0)Add a Comment Cancel reply Your email address will not be publishedRequired fields are marked * Name *Email *Comment Notify me of comments via e-mail More NewsSupreme Court, 9-0, Denies Bid to Expand Whistleblower ProtectionsSEC Updates Guidance on Cyber Disclosure by CompaniesStudy Finds Teen Drivers Ignore Texting Bans; Urges Bans on Hand-held CallsPersonal Privacy and the War Over Connected Driver DataMore News Features Read This Next Safeco to Take Up Mapfre’s Tennessee, Kentucky, Indiana Business New Program for Pet Services Professionals Available From Acadia Insurance Personal Privacy and the War Over Connected Driver Data Businesses Closed After Historic Ohio Building Collapses SEC Updates Guidance on Cyber Disclosure by Companies Insurance JobsUnderwriting Assistant - Glastonbury, CTUnderwriter - Hartford, CT; Albany NYSenior Underwriter - New YorkVP of Marketing - Champaign, ILSenior Litigation Specialist - Scottsdale, AZ EPLI Claims Reach Tipping Point Amid Anti-Sexual Harassment Movement Top 10 Employment Discrimination Charges in 2017 Consolidation Continues: The Squeezing of Wholesale Brokers Former U.SSecurity Expert: 5 Ways the Insurance Industry Can Improve Cybersecurity Experts: Parametric Insurance Role to Expand, Including for U.SDisasters --> Insurers Begin Modeling Casualty Catastrophes Business News: RiskBlock Alliance, QBE North America, Travelers Inspectors Scrutinize NJ Transit's Bad Brakes, Bare Wires, Rotten Parts Probe Into First Aircraft Crash Believed to be Caused by Drone Washington Court Rules on Discoverability of Insurer's Claim File by Third Parties Jan 11 Common Additional Insured TrapsJan 18 Equipment Floaters: Beyond BoilerplateFeb 1 Servant LeadershipFeb 8 Building Your Personal Brand Insurance News News by Region News by Topic Yesterday Site Search Features Insurance Markets Directory Forums A.MBest Company Ratings Industry Events Agencies Wanted / For Sale Buyers Guide Newswire Ad Showcase Insurance Jobs Connect with us Email Newsletters Magazine Subscriptions For Your Website RSS Feeds Twitter Facebook LinkedIn Insurance Journal Submit News Advertise Subscribe Reprints Link to Us Contact Us Wells Media Group Network Insurance Journal Claims Journal Insurance Journal TV Academy of Insurance Carrier Management

Trending Kentucky News:

  • Weston Completes Conversion Financing for Historic Standard Building in Downtown Cleveland, Ohio
  • Fools’ won’t rush in to bless Trump’s Russian romance
  • Covington, KY Homes For Sale & Real Estate
  • Affiliates Of Phoenix Investors Acquire Eight Industrial Properties In Kentucky
  • Kentucky Investment in Blackstone Fund of Funds Shows Desperation and Cluelessness of Some Public Pension Funds
  • Kentucky Students Building Tiny, Learning Big
  • UPS’s new vehicles are tiny — and Teamsters in Kentucky object
  • Kentucky National Guard Deployed To State Fire Emergencies
  • Pleasure Ridge Park, KY Homes For Sale & Real Estate
  • Booze bill raises ethics question in Kentucky's legislature
  • Kentucky volunteers needed to review cases of children in foster care
  • Why this Indianapolis developer is betting $175 million on Bullitt County
  • Kentucky Bill That Aims to Create Medical Review Panels in Malpractice Claims Passes Senate
  • Kentucky Next Generation series: Meet the newcomers of the 2017 class
  • SCOTUS Reverses KY Nursing Home Arbitration Decision; Refuses To Prioritize Right To Jury Trial
  • Las Vegas investor buys Ali boyhood home in Kentucky for $70K, plans to restore
  • REAL ESTATE: Sales off but median home prices rise
  • You Can Rent This "Tiny Home" For $150 Per Night
  • Companies dedicate Kentucky landfill gas project expansion
  • Kentucky by Heart: Remembering 13 of Kentucky’s Everyday Heroes we’ve lost since the project began