Mapfre’s subsidiary engaged in the underwriting of Large Risks, Mapfre Global Risks, will insure during a three-year period the aviation risks in the insurance programmes of Iberia, Vueling, Air Nostrum and the newly created Iberia Express. Moreover, the subsidiaries of Mapfre América will cover, for the first time, the operations in Latin America of LAN Chile.

Iberia, which belongs to the Holding IAG and has an insurance policy in force with the Mapfre Group for over 10 years, and LAN have decided this year to jointly place their aviation risks. The election of Mapfre Global Risks to cover these risks recognises Mapfre’s professionalism and presence in Spain and Latin America.

Mapfre Global Risks is the Mapfre Group company that leads the development of the Global Risks business (insurance programmes for multinational companies, global sectors and large local risks) in the countries where the Group is present. It is the benchmark company for the Spanish multinational companies –27 out of the 35 companies in the IBEX are insured with this entity–, as well as a renowned operator in Europe, with more than 120 clients –45 of them included in the Fortune 500. Furthermore, after three years of operations in Latin America, it holds a significant portfolio of 120 local clients. In 2011, Mapfre Global Risks achieved premiums in excess of €1,000 million.

Mapfre is represented in Malta through Middlesea Insurance plc which now forms part of the Mapfre Group. Mapfre is the leading Spanish insurance company, and it is present in more than 40 countries, especially in the insurance, reinsurance and assistance markets in Latin America, where the Group leads the Non-Life business. It has nearly 35,000 employees and over 23 million clients worldwide. In 2011, the Group, which is listed on the Madrid and Barcelona Stock Exchanges and included in the IBEX 35, achieved net results of €963 million and revenues in excess of €23,530 million.