Global Risks renews its participation in the Property and Liability Programs of the multinational Enel Endesa until October 2018
MAPFRE Global Risks has successfully renewed the participation of our Unit in the Property and Liability programs of one of the major costumers of our company, the multinational Enel- Endesa, for the period from 1 November to 31 October.
Endesa has been client of our company since its inception, maintaining close collaboration over the years.
In 2009 Endesa was acquired by Enel, a multinational based in Italy. For a period of three years the Insurance Programs were renewed separately and it was only in November 2012 when it takes place the unification of the placement. MAPFRE Global Risks becomes since then a relevant player together with other major insurance companies, thanks to the opening of our office in Milan and the subsequent excellent relationship with the client, which nowadays considers our Entity as a strategic partner.
It should be noted the significant volume of estimated premiums for the Global Program 2017/2018, of around € 82 million.
The administrative management of the renewal of this account is quite laborious. It starts in Italy, with the direct interlocution of the branch in Milan with the client and with the broker. All communications pass through the Headquarters, which centralizes the connection of the account with Latin America. All actions throughout the process and all final decisions are consensually agreed between Madrid and Milan.
The Property program is rather complex, and MAPFRE Global Risks has to play different roles at the same time:
- On one side, it acts as a direct insurer in several countries of Latam reinsured by the Captive.
- Likewise it operates as a co-insurer of other important insurance companies in the European master policy.
- Finally, it acts as reinsurer of these same companies in countries outside EU and Latam.
Regarding the claims management, a specific procedure with regular monthly meetings has been established between reinsurers involved and captive in order to expedite the processing.
From here we congratulate all the colleagues and teams who have been involved in this important renewal process with such success!
Meet our customer
Enel is a multinational energy company and one of the leading global integrated operators in the energy and gas sectors. It has a workforce of 63,300 people and is present in more than 37 countries and on 5 continents.
Enel produces energy through a net installed capacity of about 84 GW, distributing electricity and gas in a network of approximately 2.1 million km. With more than 64 million end-users worldwide, it has the largest customer base in Europe and manages a highly diversified plant fleet: hydroelectric, thermoelectric, nuclear, geothermal, wind, photovoltaic and other renewable sources.
Enel has been listed on the Milan Stock Exchange since 1999 and is the Italian company with the largest number of shareholders, some 1.1 million between retail and institutional. The largest shareholder of Enel is the Italian Ministry of Finance. In addition to Enel, other companies in the group are listed on the stock exchange in Italy, Spain, Russia, Argentina, Brazil, Chile and Peru.
