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Corporate Forms and Organizational Choice in International Insurance$
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Robin Pearson and Takau Yoneyama

Print publication date: 2015

Print ISBN-13: 9780198739005

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198739005.001.0001

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The Insurance Demutualization Process Develops in Spain with Mapfre

The Insurance Demutualization Process Develops in Spain with Mapfre

(p.284) 13 The Insurance Demutualization Process Develops in Spain with Mapfre
Corporate Forms and Organizational Choice in International Insurance

Leonardo Caruana de las Cagigas

Oxford University Press

This chapter examines the demutualization of Mapfre, the leading Spanish insurer that converted to a joint-stock company in 2006. Although it was believed that conversion was necessary to allow the company to compete successfully in global insurance markets, Mapfre’s board wished the process to be undertaken in a way that was fully consistent with its mutual culture and heritage. The novel resolution was to carry out the demutualization via the Mapfre Foundation, a vehicle that had been originally established by the mutual company purely for social and welfare purposes. Since 1965 the company’s statutes provided that, in the event of its dissolution, the foundation would receive the majority of the shares and retain control over any successor organization. This means of demutualization, utilizing a holding company that provided Mapfre a degree of protection from a hostile takeover, was successfully completed in 2008.

Keywords:   micro-business history, comparative economic history, insurance history, Spain, Mapfre

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