Mr. Castelo’s appointment was first announced in May of 2016
Alfredo Castelo has officially taken over the helm of MAPFRE North America. The new President and CEO succeeds Jaime Tamayo, whom the insurer promoted to CEO of the International Territorial Area of MAPFRE, a position that will entail the overseeing of three regions: North America, Europe, and Asia Pacific.
Mr. Castelo, who has been with MAPFRE for more than a decade, says he looks forward to the new challenges and opportunities that this new position will offer him.
“I have been proud to be part of this great company for the past 15 years and look forward to working with so many talented, dedicated employees and partners across the US and throughout North America as we grow the company and meet the needs of our customers through our diverse insurance products,” said Castelo. “We are a company that builds trust among employees, customers and partners, and we will continue to do that through social responsibility, sustainability and transparency.”
Originally from Spain, Mr. Castelo will be based at MAPFRE’s USA headquarters, in Webster, Massachusetts.
More about MAPFRE USA’s new President and CEO
Mr. Castelo, who first joined the insurer in 2004 as a Deputy Manager in the MAPFRE Industrial General Management, was most recently CEO of MAPFRE Global Risks. MAPFRE’s Global Risks company specializes in the underwriting of international programs for multinationals and companies whose activity takes place in the global sectors – energy, aviation, maritime, large infrastructures.
In addition to his tenure as head of MAPFRE’s Global Risks, Mr. Castelo’s career also 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.
MAPFRE’s 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.
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.
