The Mapfre insurance company has decided to reorganize its corporate structure in Latin America, giving more weight to Mexico due to its growth as a market. The objective is to bring together a large part of the rest of the countries under a single chain of command, as the company pointed out this Thursday in a statement collected by Europa Press.
As the company has indicated, the objective of this movement is to simplify the structure, increase efficiency, take advantage of the synergies between the different countries and adapt to the peculiarities of each one of them. In this way, Brazil will continue to be an independent regional area due to its weight in the regional market. On its side, Mexico has reached the same level of independence due to its “growing weight and development potential.”
The rest of the 15 countries in which the insurer operates, including markets such as Argentina, Chile or Colombia, are no longer divided into Latam Norte and Latam Sur to become Latam Sur-Centro, with headquarters in Panama. The CEO of this last division will be Renzo Calda, current regional advisor for Latam Sur. The three regional substructures will report directly to the CEO of Latin America, Jesús Martínez Castellanos.
To enhance efficiency, specialized technical hubs will be created with a flexible structure that allows them to quickly adapt to business developments and to support product launches, technical control, and portfolio definition. In 2023, the planned hubs are for automobiles, general insurance and reinsurance, and for the life branch.
At the individual market level, Mapfre has decided that the current CEO of Colombia, Pablo Jackson Alvarado, will replace Julián Trinchet as CEO of Peru, since he is joining Mapfre Spain. The position that Alvarado leaves in Colombia will be covered by Rafael Prado González, current financial director and executive vice president of Finance at Rimac, Insurance and Reinsurance in Peru.