Huertas prepara el nuevo plan estratégico de Mapfre, con el foco en Safety
La aseguradora pagará 200 millones a BlackRock y 150 millones a Vanguard por la compra de Safety, de la que son principales accionistas. Leer
Antonio Huertas, president of Mapfre, is preparing his final strategic plan with a focus on Safety. One of the key areas in the new roadmap is the U.S., following the acquisition of Safety Insurance for 1.352 million euros. BlackRock, the largest shareholder, will receive over 200 million euros from its 15.6% stake, while Vanguard will get 150 million euros for its 11.1% share.
The strategic plan will run from January 1 to December 31, 2029, and Huertas will turn 65 in January of that year, a retirement age stipulated in Mapfre's statutes. The company's long-term goal is profitable growth across all businesses, which will be reflected in the plan. Safety will contribute to this goal upon completing its purchase in the first quarter of 2027.
In October, Safety will hold its shareholders' meeting to approve the sale, and Mapfre is expected to release excess capital to the Spanish firm, which can then be freed up. This reduction is expected to be achieved by adapting Safety's reinsurance to Mapfre's operations to reduce volatility from climate events covered, a critical point for the acquired firm.
In July, AM Best lowered Safety's outlook from stable to negative eight days before the purchase was announced, while reaffirming its financial stability rating. In the first half results presentation, Mapfre stated that if Safety's solvency ratio were adapted to their accounting standards, it would be around 240%. Mapfre is not planning to release this excess capital due to caution and the need to navigate federal and Massachusetts regulatory processes, as well as awaiting regulator comments on required capital levels.
The financial data suggests nearly 30 million dollars in annual cost savings over three years, which will boost net profit by more than 5%. Restructuring expenses are estimated at 40 million dollars. The Safety acquisition was chosen over a share buyback and extraordinary dividend option. Mapfre's free float is about 30%, making the best route to benefit shareholders to increase the dividend if the opportunity arises.
The company will remain vigilant for other opportunities, aiming to grow and compete more fiercely in the U.S. market.
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