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Ignacio Hernando De Larramendi

This is a life of a individual that devoted his life to 1 firm: Mapfre

Ignacio Hernando de Larramendi,

  Inland Marine

... acquired listed inside the civil struggle in 1936 to battle inside the north of Spain. He was only fifteen by that point. After the struggle he all over his research and acquired a bachelor's sheepskin in Law in 1941.

He expressed himself that he "accidentally entered the insurance business. First in the state Security Institute, than at the British Royal Insurance Company where he could agree with the scheme and had to leave. He entered Mapfre in 1955, which was at a crisis at that time.

Mapfre was originally an acronym: Insurance Mutual for the landowners cooperation in Spain (Mutualidad de Seguros de la Agrupación de Propietarios de Fincas Rústicas de España). This benefit society was supported in 1933 to insure to agricultural labor accidents.

Since than, MAPFRE started a diversification process with other mutuals (robbery, fire, individual accidents, etc). In 1944 the mutual united to offer health (illness) insurance for a contract period of ten years.
The contract was not beneficial and in 1954 the company had accumulated large debts, due to pharmaceutical costs and lack of decent resources.

In these circumstances, Ignacio Hernando de Larramendi took over the control of the direction of the Mutual.

He managed to re-contract the pharmaceutical obligations and delayed the debt payments of these.

Solidarity has been as seen as the main forces of the mutual. Yet the life and work of Larramendi added certain mechanisms to accomplish the required efficiency for the Mutual to survive as a company.

He refortified the national network of the company by subbing the delegates that were working on a commission basis to an office-network of local managers and employees on the payroll. He also hired university graduates and trained them abroad.

IN 1966 the company was restructured once again because of a new law to serve work accidents. This FREMAP organization was brought into life to serve this insurance area and got independent soon. Mapfre concentrate in the private insurance business.

In 1985 the Mutual was restructured into three autonomous units (automotive, other risks and life and reassurance). The mutual still is the largest shareholders owning more than 50% of the capital outstanding.
The new structure made it possible to finance the international growth.

One of the issues Larramendi was troubled with since the seventies was a banking entity that was missing. Only in 1990 a bank with three offices was created. Currently this bank figures as the head of the credit operational system of the company.

From 1955 to 1990 Ignacio Hernando de Larramendi has occupied the maximum executive responsibility of MAPFRE: until 75 as director and between 85 and 90 as president of the board of supervisors

For the international expansion the company added an editorial office which heralded about insurance and business in South America.

In his writings, Ignacio Hernando de Larramendi has been stressing the grandness of social responsibility; "the corporate is just not duty-bound to supply an environment friendly service, ne'ertheless additionally it is topic to social obligations" Many foundations (On Medicine, Culture, studies, etc) have been established during his mandate.

The effect of social responsibility was also felt in the organization: he didn't allow family of employees to work for the company.

(Source: The Ignacio Larramendi Foundation)

The newspaper El Mundo dedicated a obit to Ignacio Hernando de Larramendi, titled: the captain of the Mapfre miracle (written by Eduardo Suarez, 8th of September 2001).

"Heterodox entrepreneur, catholic of the obsolete customary, Carlist maverick, and work slave... began at Mapfre at 32 after a fantastic instructor profession.

The first he did when confronted with the state of individualal matters he discharged the chauffeur and down the salaries and discharged half of the opposite workers, about 100 at the moment. Of these 100, just one was displeased at me, the others understood it, he expressed. He confronted this lay-off individualally, which is the one one in such a circumstance he expressed.

... most significant peradventur is the bequest to his 9 youngsters; they come into only his spirit: "I ne'er wanted my kids to be like those millionaires children who always lived a fatal life. I think they have benefit knowing they wouldn't come into anything. Neither income nor earnings because don Ignacio prohibited all his family to occupy positions in the company..." Born the 18th of June in 1921, died on September seventh in 2001

H.J.B.


Ignacio Hernando De Larramendi

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