Mapfre Global Risks 'A' Ratings Withdrawn On Company Consolidation Into Mapfre Re

MADRID (S&P Global Ratings) March 15, 2019--S&P Global Ratings today withdrew 
its 'A' financial strength and issuer credit ratings on Mapfre Global Risks 
Compañia Internacional de Seguros y Reaseguros S.A. (MGR). The outlook on the 
ratings at the time of the withdrawal was positive. 

The withdrawal follows the Spanish Ministry of Economy and Finance's 
authorization, on March 6, 2019, of the total spin-off of MGR into Mapfre Re, 
Mapfre España, and Mapfre Global Risk Agencia de Suscripción. The 
authorization also revokes, and thus terminates, the authorization previously 
granted to MGR to carry out insurance and reinsurance activity. All the 
liabilities of MGR's existing policyholders have been consolidated into Mapfre 
Re and Mapfre España.

Our 'A' financial strength and issuer credit ratings on Mapfre Re, with a 
positive outlook, remain unaffected.