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A.M. Best Comments on Credit Ratings of MAPFRE RE, MAPFRE GLOBAL RISKS, and MAPFRE España


A.M. Best has commented that the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Rating of "a" of MAPFRE
RE, Compañía de Reaseguros S.A.
GLOBAL RISKS, Compañía Internacional de Seguros y Reaseguros S.A.
GR) (Spain), and MAPFRE España, Compañía de Seguros y Reaseguros S.A.
(MAPFRE España) (Spain) remain unchanged following MAPFRE S.A.'s
(MAPFRE) announcement on 19 July 2018 that the group will restructure
its global business. The outlooks of these Credit Ratings (ratings)
remain stable.

The restructure, expected to be complete by January 2019, will see
MAPFRE GR's insurance and reinsurance business transferred to MAPFRE
España and MAPFRE RE, respectively. MAPFRE GR will continue managing the
relationship with policyholders and be responsible for technical
aspects, including underwriting large risk business and claims
management on behalf of the group. MAPFRE believes the restructure will
improve operating efficiency through economies of scale and enhance
service to its global clients.

At this time, A.M. Best's view of the group's credit rating
fundamentals, in light of the restructuring announcement, remains
unchanged for the above-mentioned MAPFRE subsidiaries. The subsidiaries
remain strategically important to the MAPFRE group and continue to
receive both implicit and explicit support from the group. A.M. Best
will monitor the restructuring and its impacts on MAPFRE's rated
subsidiaries closely.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Best's Credit Ratings
. For information on the proper media
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