# MAPFRE Insurance > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/MAPFRE_Insurance > Markdown URL: https://mediated.wiki/source/MAPFRE_Insurance.md > Source: https://en.wikipedia.org/wiki/MAPFRE_Insurance > Source revision: 1345040456 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Short description|American insurance company}} {{Infobox company | name = Commerce Insurance (MAPFRE Insurance) | logo = File:Logo-Mapfre-Insurance.jpg | logo_caption = | logo_alt = | type = [Subsidiary](/source/Subsidiary) | industry = [Insurance](/source/Insurance) | predecessor = [Commerce Insurance Group](/source/Commerce_Insurance_Group) | founded = {{Start date and age|2008}} | hq_location_city = [Webster, Massachusetts](/source/Webster%2C_Massachusetts) | hq_location_country = [United States](/source/United_States) | area_served = United States | key_people = Jaime Tamayo (CEO){{cite news |url=https://www.insurancebusinessmag.com/us/news/breaking-news/mapfre-names-new-chief-operating-officer-for-the-us-494397.aspx |title=MAPFRE names new chief operating officer for the US |date=June 24, 2024 |publisher=Insurance Business Magazine }} | products = [Car insurance](/source/Car_insurance), [general insurance](/source/general_insurance), [casualty insurance](/source/casualty_insurance), Commercial property insurance | num_employees = | num_employees_year = | parent = [Mapfre](/source/Mapfre) S.A. | rating = A− ([AM Best](/source/AM_Best)) | website = {{URL|https://www.mapfreinsurance.com}} }} '''Commerce Insurance''' is an American [insurance company](/source/insurance_company) headquartered in [Webster, Massachusetts](/source/Webster%2C_Massachusetts). It was founded in 1972 as the [Commerce Insurance Group](/source/Commerce_Insurance_Group) and was acquired in 2008 by Spanish [Mapfre](/source/Mapfre) S.A. after which the company name was changed. MAPFRE Insurance writes property and casualty insurance in 19 states across the [United States](/source/United_States) through a network of more than 4,200 independent agents and brokers. The company provides a full range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft, and businesses, as well as term life insurance in several states in the United States. MAPFRE Insurance is a subsidiary of the Spanish multinational [MAPFRE Group](/source/Mapfre), an international insurer with business in 47 countries on five continents. The MAPFRE Group is a major insurer in Spain and also the non-life market in Latin America and the sixth-largest non-life insurer in Europe.{{Cite press release | url = https://www.businesswire.com/news/home/20150211005765/en/MAPFRE-North-America-Posts-2.77-Billion-Annual | title = MAPFRE North America Posts $ 2.77 Billion in Annual Premiums, Up 4.5 Percent over Prior Year | access-date = 13 April 2020 | date = 11 February 2015 | publisher = [Business Wire](/source/Business_Wire)}} == History == Commerce Insurance was founded in 1972 as a small insurance company in the south-central Massachusetts town of Webster, where the company is still located and headquartered. In April 2007, Commerce entered the [New York](/source/New_York_(state)) personal lines insurance market through its acquisition of SWICO Enterprises, Ltd., the holding company for Hempstead, New York-based (link) property and casualty insurer State-Wide Insurance Company. State-Wide Insurance Company primarily writes private passenger automobile insurance in the state of New York. In June 2008, The Commerce Group, Inc. was acquired by [Mapfre](/source/Mapfre) S.A. Mapfre, based in Madrid, was founded in 1933 as a landowners' co-operative; it is now a public company and the largest insurance group in Latin America with a presence in 43 countries, and about 51,000 agents worldwide.{{cite web | url = https://www.insurancejournal.com/news/east/2008/06/04/90655.htm | title = Spain's Mapfre Completes Acquisition of Commerce Group | access-date = 13 April 2020 | date = 4 June 2008 | work = Insurance Journal}} In January 2020, MAPFRE Insurance entered into an alliance with [Banco Pichincha](/source/Banco_Pichincha) which operates in Colombia and Ecuador.{{Cite web|url=https://www.financecolombia.com/mapfre-insurance-signs-deal-with-banco-pichincha-for-voluntary-insurance/|title=MAPFRE Insurance Signs Deal With Banco Pichincha For Voluntary Insurance|last=Moss|first=Loren|date=2020-01-28|website=Finance Colombia|language=en-US|access-date=2020-04-05}} In February 2020, MAPFRE Insurance was involved in several claim cases due to [Hurricane Maria](/source/Hurricane_Maria) in Puerto Rico.{{Cite news|last1=Robles|first1=Frances|url=https://www.nytimes.com/2020/02/06/us/puerto-rico-insurance-tsunami.html|title=After Disasters, Puerto Ricans Are Left With $1.6 Billion in Unpaid Insurance Claims|date=2020-02-06|work=The New York Times|access-date=2020-03-14|last2=Mazzei|first2=Patricia|language=en-US|issn=0362-4331}} In March 2020, MAPFRE Insurance's One Winthrop Sq. was acquired by Nan Fung Life Sciences Real Estate.{{Cite web|url=https://nerej.com/nan-fung-life-sciences-r-e-acquires-one-winthrop-for-75m|title=Nan Fung Life Sciences Real Estate acquires One Winthrop Sq. from MAPFRE Insurance for $75 million|website=nerej.com|language=en|access-date=2020-04-09}} ==References== {{Reflist}} Category:1972 establishments in Massachusetts Category:Financial services companies established in 1972 Category:Insurance companies based in Massachusetts Category:Insurance companies of the United States Category:Webster, Massachusetts Category:American corporate subsidiaries {{Insurance-company-stub}} --- Adapted from the Wikipedia article [MAPFRE Insurance](https://en.wikipedia.org/wiki/MAPFRE_Insurance) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/MAPFRE_Insurance?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.