Mapfre Re has appointed Fernando Utrilla Ag\u00fcero as its new chief financial officer (CFO) in a planned handover ahead of the retirement of Daniel Quermia.<\/p>\n
The Spain-based reinsurer said its Board of Directors approved the move as part of a succession process aimed at maintaining continuity in the company\u2019s financial direction, drawing on Ag\u00fcero\u2019s experience within the wider Mapfre Group.<\/p>\n
Mapfre Re is the group\u2019s reinsurance business, founded in 1982.<\/p>\n
It operates through 19 offices globally and writes business in more than 100 countries, providing treaty and facultative reinsurance across life and non-life lines.<\/p>\n
Mapfre Re said the CFO appointment \u201cstrengthens its financial structure and ensures continuity in its road map, leveraging Utrilla\u2019s knowledge of the business and his career within the group\u201d.<\/p>\n
Mapfre Re CEO Miguel Rosa said: \u201cDaniel has made a decisive contribution to the company\u2019s development and consolidation, always standing out for his professional rigour, commitment and strong service-oriented approach.<\/p>\n
\u201cFernando takes on this responsibility at a key moment and brings extensive experience and deep knowledge of the business; we have full confidence that he will continue contributing to the growth and strength of Mapfre Re.\u201d<\/p>\n
The leadership change comes as the reinsurer continues to broaden its international footprint.<\/p>\n
Earlier this year, Mapfre Re received approval to open a branch in India, adding capacity in what it described as one of the \u201cworld\u2019s largest and most outward-looking insurance markets\u201d.<\/p>\n
The authorisation was granted by the International Financial Services Centres Authority, allowing the branch to be set up in Gujarat International Finance Tec-City as part of the company\u2019s Asia growth strategy.<\/p>\n
Separately, Mapfre Group has recently updated its financial goals<\/a>, projecting a return on equity of more than 13% by 2026 and setting a combined ratio target of 93\u201394%.<\/p>\n The group noted that the targets could be adjusted if inflation rises sharply.<\/p>\n