MAPFRE Re has appointed Fernando Utrilla Agüero (pictured) as chief financial officer, succeeding Daniel Quermia under a planned leadership transition approved by the board.
Agüero assumes the role after holding positions within the group, including his designation as deputy CFO effective July 1, 2025.
His elevation follows a series of leadership changes at MAPFRE Re, including the earlier promotion of Javier San Basilio to general manager and the appointment of José López González to a senior role in group business. These changes were presented by the company as part of an ongoing leadership renewal effort.
“Daniel has made a decisive contribution to the Company’s development and consolidation, always standing out for his professional rigor, commitment, and strong service-oriented approach,” said Miguel Rosa, CEO of MAPFRE Re. “Fernando takes on this responsibility at a key moment and brings extensive experience and deep knowledge of the business; we have full confidence that he will continue contributing to the growth and strength of MAPFRE Re.”
The leadership transition comes after MAPFRE Re reported €381 million in profit for 2025, up 17.2%, with premium volume at €8.4 billion and a combined ratio of 91.2. The result contributed to parent MAPFRE reporting group net profit of €1.079 billion, a 19.6% increase.
The company has also accessed alternative capital markets, issuing a €125 million catastrophe bond in November 2025 through Recoletos Re DAC. The transaction provides protection for European windstorm exposure and forms part of its retrocession approach.
The issuance followed an earlier catastrophe bond transaction in 2024 and took place during a period of increased activity in the catastrophe bond market, with global issuance reaching about $18.4 billion by late August 2025.
MAPFRE Re is also advancing its geographic presence. The company has received regulatory approval to establish a branch in India’s GIFT City, where it is seeking an International Insurance Office license effective January 2026.
The market has attracted multiple global reinsurers, with around 14 operating in the financial center and the number expected to rise to at least 20 by March 2026. The location offers tax incentives and regulatory frameworks aligned with offshore jurisdictions, supporting reinsurers’ regional operations.
The board of directors of MAPFRE sets overall strategy and coordinates activities across group companies. It operates through a steering committee and three advisory and informational committees without executive authority: the audit committee; the appointments and remuneration committee; and the risk, sustainability and compliance committee.
The board also appoints the chairman, vice chairmen, independent director supervisor, secretary, and deputy secretary.
The transition concludes Daniel Quermia’s tenure as chief financial officer, with the succession process overseen by the board as part of its governance responsibilities.
