MAPFRE Insurance restructures, ceases operation in five states
Courtesy
MAPFRE Insurance President and CEO
Alfredo Castello.
Webster’s MAPFRE Insurance announced Friday its plans to realign its business strategy and cease operation in five states in order to grow its core operations.
The insurance company said it will cease operations in New York, New Jersey, Kentucky, Tennesee and Indiana.
In New York, the company is pursuing a sale of its New York subsidiary of the same name via an investment bank. As for the other four states, the company said it’s taking necessary steps to produce an orderly withdrawal, including the pursuit of replacement carrier transactions where viable.
Operations in 11 core states - including all of New England - that the company eyes a profitable growth strategy, will continue, MAPFRE said.
The company will continue operating in three states - Florida, Pennsylvania and Arizona - but MAPFRE said it has to first reinforce the company’s underwriting and distribution foundation before it can execute expansion plans.
At the start of the new year, the company will focus on two main areas: the Northeast region and states outside of the Northeast, the latter of which will be managed by a trio of regional centers in the east central region, western region and Puerto Rico.
According to the company, the Northeast region accounts for 67 percent of the agency’s business.
WBJ Web Partners
Most Recent
Most Recent
0 Comments