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MAPFRE: Company Says It Has Closed ‘Vast Majority’ of V.I. Hurricane Claims

SAN JUAN, Puerto Rico, September 19, 2018 – MAPFRE PRAICO Insurance Company (MAPFRE) on Wednesday announced that it has closed the vast majority of claims stemming from the destruction caused by hurricanes Maria and Irma. As of today, the company has resolved 91 percent of claims stemming from the twin hurricanes that tore through the U.S. Virgin Islands in September 2017.

In total, MAPFRE PRAICO has paid out $112 million to affected policyholders in the U.S. Virgin Islands alone. The open claims include many that were reported during 2018, as recently as September. MAPFRE’s claims professionals continue working to resolve the remaining claims to help customers recover from these devastating storms.

“The number of claims resulting from these catastrophic events was unprecedented, and our dedicated team has been working tirelessly to help our customers get back on their feet,” said Alexis Sánchez Geigel, President and Chief Executive Officer, MAPFRE PRAICO Insurance Company. “MAPFRE is committed to helping the communities in which our employees and policyholders live and work sustain a positive quality of life.”

With regard to recent media reports, MAPFRE denies being subject to any government charges or accusations. MAPFRE conducts business ethically and in compliance with laws and regulations.

About MAPFRE

MAPFRE is a global insurance company with a worldwide presence. It is the benchmark insurer in the Spanish market and the largest Spanish multinational insurance group in the world. The company is the main multinational insurer in Latin America and is among the top five largest non-life European insurers by premium volume. MAPFRE employs more than 36,000 professionals globally and in 2017, MAPFRE’s revenues surpassed $34 billion, and net earnings were above $850 million. MAPFRE writes business in the U.S. Virgin Islands through MAPFRE PRAICO Insurance Company. A.M. Best recently reaffirmed MAPFRE PRAICO’s “A” (Excellent) rating.

Publication of this release was paid for by MAPFRE Insurance.

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