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Financial District Insurance

MAPFRE Puerto Rico appoints president, execs

Joaquín Castrillo-Garratón

Joaquín Castrillo-Garratón has been named president of MAPFRE Puerto Rico effective in January after being promoted from his current post as executive vice president, said Raúl Costilla, who currently leads the operation.

Costilla, who was president for the past eight years, has been promoted to general director of Norte, one of MAPFRE’s most important divisions based in Bilbao, Spain.

“For me it is an honor to assume the presidency of a company to which I have devoted 15 years of my career,” said Castrillo-Garratón. “But what makes me most proud is taking the reins at a time when the talent that has been developed in MAPFRE Puerto Rico will have a leading role in the development of MAPFRE in the U.S.”

The local operation will export its expertise in product development, among other things, to “enrich innovation in MAPFRE’s portfolio in the largest market in the world,” he said.

“I think it’s a real example of the high level of our people’s professionalism and knowledge,” said Castrillo-Garratón.

The newly appointed executive has worked in Puerto Rico’s insurance industry for about 35 years. His career began at the Insular Insurance Corporation and he joined PRAICO in 1997, a company that MAPFRE acquired in 1990 to enter the Puerto Rico market.

Meanwhile, Costilla also announced two more additions to the executive team: Alexis Sánchez as executive vice president and COO and Jaime Tamayo, as chairman of the MAPFRE Puerto Rico board. Both have moved up from other MAPFRE divisions.

Author Details
Author Details
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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