Mapfre appoints new chairman, CEO in run-up to launch of JV with BB

- Wednesday, April 20, 2011

Mapfre appoints new chairman, CEO in run-up to launch of JV with BB

Mapfre Brazil, the local unit of Spanish insurance giant Mapfre, has appointed a new chairman and CEO in preparation for when the strategic alliance it signed with federally controlled Banco do Brasil (BB) clears with regulators.

In a press release, the company said it was appointing Wilson Toneto as chairman of Grupo Mapfre in Brazil and CEO of Mapfre Serviços Financeiros, the division in charge of its private pension fund and asset management businesses.

The company also appointed Marcos Eduardo Ferreira as CEO of the group's insurance division.

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Once the JV with BB is approved by regulators, Ferreira will become CEO of Mapfre BB SH2, the holding in charge of auto, P&C and affinity lines, while Toneto will become chairman of BB Mapfre SH1, the holding for life, housing and agriculture insurance, the release reads.

In May last year, the two companies announced a 20-year dual-holding deal.