The Mass.-based insurer recently announced that it had posted $2 Billion in Nine-Month Premiums and has bought a downtown Boston office building
Mapfre North America announced this month that its United States operations recorded premiums of $2.12 billion million through September of 2015. The company first entered the U.S. marketplace in 2008 when it acquired Massachusetts’ Commerce Insurance Company.
The insurer says the strong revenue numbers that represent an 8.2 percent increase over premium from the same period in 2014. The strong nine-month results from strong auto, home and assistance business development.
Mapfre reported suffer losses in the same period amounting to $93.6 million as a result of the winter storms in the North East in February of this year. It returned to quarterly profits in the third quarter from July through September when it a $19.8 million net gain.
Mapfre’s North American business, which includes Canada and Puerto Rico, accounts for 11.3 percent of the company’s total global revenues. For the same period, the Mapfre Global Group posted combined revenues of $22.9 billion, with $1.3 billion in pre-tax earnings
Mapfre/Commerce acquires downtown Boston office building
In October, Mapfre announced that it had acquired One Winthrop Square in downtown Boston for $55 million as part of its real estate investment portfolio The acquisition
The announcement also stated the company plans to move the executive offices and some senior executives for the firm’s North American region to Winthrop Square at an unspecified time in the future.
Mapfre employs 1,900 in Webster. Mapfre’s announcement indicated the company’s corporate location will remain in Webster.
