Mr. Tamayo’s appointment will take effect on January 1, 2017
The Board of Directors, of MAPFRE. S.A., the parent company of MAPFRE USA (formerly, Commerce Insurance Group), has promoted Jaime Tamayo, 49, to CEO of the International Territorial Area of MAPFRE. Mr. Tamayo, the current CEO of MAPFRE USA will assume overall responsibility in overseeing in addition to the North American Region, the company’s EMEA Region, comprising Europe, the Middle East, Africa, and the company’s Asia Pacific Region, compromising over thirty Asian countries, including Japan and China.
Mr. Tamayo’s will assume his new position on January 1, 2017. He succeeds Javier Fernández-Cid, who announced that he would retire effective December 31, 2016.
Upon Mr. Tamayo’s appointment, the insurer also announced that Mr. Alfredo Castelo Marin, 49, will take over Mr. Tamayo’s position as CEO MAPFRE USA (See below).
Mr. Tamayo came to Massachusetts in 2008 with MAPFRE’s acquisition of Commerce Insurance
Mr. Tamayo was born in Madrid in 1967. He graduated with a law degree from the Complutense University of Madrid, a university founded in 1499, but with historical roots dating to 1293. He is married and has three children. In 2008, Mr. Tamayo moved from Miami to Weston after his appointment as CEO of the Commerce Insurance Group after its acquisition by MAPFRE.
An impressive twenty-plus year career with MAPFRE
Mr. Tamayo first began his career with MAPFRE in 1993 and has held a number of executive positions in both the insurer’s Puerto Rico and U.S. operations over the past 23 years. In 2001, he was chosen to lead MAPFRE’s operations in the United States, going on to assume additional regional responsibility as CEO of MAPFRE North America (USA, Canada and Puerto Rico) and overseeing revenues in excess of $3.1 billion, as of January 2014.
During Mr. Tamayo’s tenure as CEO of MAPFRE USA, the insurer’s U.S. presence has grown from a nominal U.S. presence in early 2008 to achieving revenues exceeding $2.3 billion in 2015. In addition, under his direction, the company has solidified its leadership in Massachusetts as the Commonwealth’s largest Auto, Homeowners and Commercial Auto insurer. Mr. Tamayo also has been responsible for increasing the insurer’s national profile with the insurer now doing business in 19 states. In 2015, the company also launched its U.S. Life Insurance operations in 2015.
As a results of these initiatives, MAPFRE brand name recognition has seen a threefold increase during Mr. Tamayo’s tenure. As for technological advances, Mr. Tamayo spearheaded the distribution transformation of MAPFRE USA, which has included launching new channels including the increasingly important digital channel.
Alfredo Castelo to become CEO of MAPFRE USA Corp. and CEO of the North America Region
In addition to Mr. Tamayo’s appointment, MAPFRE also announced the appointment of Alfredo Castelo. Mr. Castelo will succeed Mr. Tamayo, on January 1, 2017, as CEO of MAPFRE USA Corp. and as CEO of the North American Region.
Mr. Castelo, who first joined the insurer in 2004 as a Deputy Manager in the MAPFRE Industrial General Management, is currently CEO of MAPFRE Global Risks, the Group’s company specializing in the underwriting of international programs for multinationals and companies whose activity takes place in the global sectors – energy, aviation, maritime, large infrastructures.
Mr. Castelo’s career at MAPFRE, includes substantial international experience in addition to a number of executive level positions, most notably as CEO of MAPFRE Surety and Credit as well as senior management positions at MAPFRE Businesses and MAPFRE International. In October 2010, he was appointed Third Vice Chairman of the Global Businesses Management Committee and also served as Vice Chairman of Solunion, a MAPFRE company that offers international credit and political risk insurance. Mr. Castelo has his university degree in both economics and actuarial science.
More about MAPFRE and its business unit structure
Rated “A” (Excellent) by A.M. Best Company, MAPFRE Insurance currently writes property and casualty insurance in 19 states across the United States. With an independent agents and brokers network of more than 4,200, the Massachusetts based insurer is the 19th largest provider of personal automobile insurance and the 20th largest personal lines insurer in the United States.
In its home state of Massachusetts, MAPFRE Insurance is the largest private passenger automobile insurer, homeowners’ insurer and commercial automobile insurer in Massachusetts.
MAPFRE Insurance is part of the MAPFRE Group, an international insurer with business in forty-nine countries on five continents. The MAPFRE Group is the leading insurer in Spain, as well as the leading insurer in the non-life market in Latin America and the sixth largest non-life insurer in Europe. The MAPFRE Group has over 36,000 employees and over 23 million customers worldwide. In 2015, the MAPFRE Group had net earnings of over $780 million with revenues of approximately $30 billion.
In October 2013, the Board of Directors of MAPFRE, S.A., reorganized the company’s structure. As a result, on January 1, 2014, the management of the company’s business units were broken up into four broad groupings, including the International Group that Mr. Tamayo will head up in January 2017. These units as shown on the attached graph are: Spain and Portugal (Iberia); South America (“LATAM”) comprising the North (Mexico and Central America), South (Continental South America except Brazil), and Brazil regions; International, to be headed by Mr. Tamayo; and Reinsurance.