Madrid / Boston, 23 July 2026. Mapfre S.A. (“Mapfre”) today announced that Mapfre U.S.A. Corporation (“Mapfre USA”) has entered into a definitive agreement to acquire Safety Insurance Group, Inc. (“Safety”), a leading property and casualty insurer with a leading position in Massachusetts and a presence in a number of states throughout the Northeast. This all-cash transaction, valued at $1.54 billion, represents a significant step in Mapfre’s global growth strategy. The acquisition builds upon Mapfre USA’s market-leading position in Massachusetts and underscores the company’s commitment to strengthening its presence throughout the Northeast.
The acquisition, which has been unanimously approved by the boards of directors of both companies is expected to close in Q1 2027, and will create the second largest writer of Private Passenger Auto in New England as well as the largest Homeowners and Commercial auto insurer in the region, further enhancing service and offerings to clients and agents in the region.
“This acquisition is in line with Mapfre’s strategic objectives to strengthen our position in the markets where we already operate—specifically, in this case, in Massachusetts and a number of states throughout the Northeast. I believe that the combination of our strengths will allow us to serve our clients in the U.S. even better. It will enable us to strengthen our franchise in both scale and profitability, creating strategic and financial value for our shareholders, while putting us on track for enhanced growth in the highly attractive and developed states of the Northeast”.
— Antonio Huertas, Group Executive Chairman of Mapfre
Mapfre has temporarily entered into a bridge loan agreement with Citibank and Deutsche Bank, making the acquisition not subject to any financing condition. This bridge loan is intended to be replaced by a combination of ~€700 million in Tier 2 capital instruments, €500 million in senior debt, and the remainder via bank debt. The Solvency II impact is expected to be around 10 p.p.1 and pre-tax synergies have been estimated at more than $30 million p.a., with full run-rate benefits anticipated within three years. The acquisition is forecast to be accretive with an over 5% uplift to net income2.
This transaction is designed to deliver meaningful, tangible value for Mapfre and its shareholders. The acquisition is consistent with Mapfre’s focus on financial discipline and long-term value creation. It brings significant upside to profitability while maintaining Mapfre’s Solvency II ratio comfortably within the company’s target range. The funding structure is also consistent with Mapfre’s prudent financial framework.
The combination of Mapfre USA and Safety is expected to strengthen Mapfre’s overall profitability, stability, and growth in the U.S. It will reinforce its ability to attract and retain top talent, foster deeper connections with agents and clients, and enhance product innovation and service quality. Safety will operate within Mapfre and maintain the unique strengths of both organizations.
“This is an exciting milestone that brings together two leaders in Massachusetts with a shared commitment to excellence. Safety has an exceptional team, a strong brand, and a deep understanding of the local market, making it an ideal partner. As a larger organization, we have the ability to unlock greater value, broader capabilities, and new opportunities for growth—while remaining deeply focused on the people who define our success. I look forward to incorporating Safety’s high-quality franchise into Mapfre USA’s operations. Safety’s solid underwriting track record, servicing capabilities and agent network will enhance our product offerings and improve the customer experience of our clients and agents throughout the Northeast. This combination will definitely reinforce our commitment to agents and clients throughout the Northeast while providing enhanced opportunities for our employees”.
— Jaime Tamayo, CEO of Mapfre North America
Transaction Terms
Under the terms of the agreement, a subsidiary of Mapfre USA will merge with Safety, and, following the merger, Safety will survive as a wholly owned subsidiary of Mapfre USA.
The acquisition is subject to customary closing conditions, including regulatory approvals and the receipt of Safety stockholder approval.
Deutsche Bank S.A.E.U. is serving as Mapfre’s sole financial advisor and Hogan Lovells Cadwalader is serving as its legal advisor, Foley Lardner is the local advisor for insurance regulatory matters and PricewaterhouseCoopers has served as tax and actuarial advisor.
Mapfre is a global insurance, reinsurance, assistance, and financial solutions company. It is the largest Spanish-owned insurer in the world, a leading multinational insurance group in Latin America, and ranks sixth among the largest insurers in Europe by revenue. Mapfre employs more than 30,000 people worldwide, and in 2025 it reported net earnings of €1.1 billion (+19.6%) on revenue of €34.5 billion (+4%).
Notes
- Figures as of 2025.
- For Mapfre within three years.