HISTORY AND KIND OF BUSINESS
The Company was incorporated under the laws of the State of California on February 21, 1985 as The New Zealand Reinsurance Company of America to serve as the corporate vehicle for the domestication of the United States Branch of The New Zealand Insurance Company Ltd. and commenced operations on March 6, 1986.
On April 18, 1991, Chatham Holdings Inc., a Delaware general business corporation, purchased all of the issued and outstanding capital stock of the Company. The Company's name was changed on May 15, 1991 to English & American Insurance Corporation and on June 25, 1993 to Chatham Reinsurance Corporation.
On June 7, 2000 the Company was sold to Mapfre Re, Compania de Reaseguros, S.A. (“Mapfre Re” or “Parent”) a subsidiary of Mapfre Group, the leading insurance entity in Spain. Following the transaction the company was renamed to Mapfre Reinsurance Corporation and was capitalized with an additional $80 million from the Parent to increase capital to $100 million. By written consent of the sole shareholder on November 21, 2001 and by resolution of the Board of Directors November 21, 2001, the Corporation was authorized to re-domesticate (for the purpose of administrative and operational efficiency) from the State of California to the State of New Jersey. A transfer of $700,000 was authorized on November 21, 2001 to be made from the paid in and contributed surplus account to the common capital stock account. The transfer was made to meet State of New Jersey minimum capital requirements of $4.2 million per N.J.S.A 17:17-6.
In December 2003, the Company filed an application with the Office of Superintendent of Financial Institutions (OSFI) to open a Canadian Branch. On November 15, 2004 the Company’s application was approved and a license limited to the business of reinsurance was granted by the OSFI.
The Company received capital contributions from its Parent of $15,000,000 on February 24, 2003 and $20,000,000 on April 27, 2004.
In September 2006, the Company received permission from the New Jersey Department of Banking and Insurance to make an extraordinary distribution of capital of $111,965,715.
Effective May 23, 2007 the name of the Company was changed to Mapfre Insurance Company through and Amendment to the Certificate of Incorporation dated May 10, 2007 and filed with the New Jersey Department of Banking and Insurance on May 23, 2007. In addition, the Company received permission to make a second extraordinary distribution of capital of $22,100,000.
In July 2007, the Company was sold by Mapfre Holdings Inc. (“MHC”) to Mapfre USA, an affiliated Florida holding company.
As of December 31, 2008, the Company had common capital stock of $5,100,000 (3 outstanding shares with a $1,700,000 par value per share), paid in surplus of $111,862 and unassigned surplus of $24,529,517.
Dividends in the amount of $1,000,000 were paid to stockholders in 2008.
The Company's Certificate of Authority authorizes the Company to write the types of insurance specified in paragraphs “a”, "b", “e”, “f”, “g”, “i”, “j”, “k”, “l”, “m”, “n”, and "o" of N.J.S.A. 17:17-1 and health insurance as defined in N.J.S.A. 17B:17-4.
The principal and main administrative office of the Company is located at 100 Campus Drive, Florham Park, New Jersey 07054. The registered agent upon whom process may be served is John Lynch, Senior Vice President, CFO and Treasurer.
The Company is a member of an insurance holding company system as defined in N.J.S.A. 17:27A-1.