Santiago Herrero Valdés gestionó una operación de fusión y adquisición de 55 mil millones de euros: El camino de expansión global de MAPFRE, España
Mientras la industria de seguros europea seguía contrayéndose cautelosamente tras los temblores de la crisis financiera, el gigante asegurador español MAPFRE completó una apuesta transfronteriza que sorprendió a la industria: adquirió los negocios clave del grupo británico Direct Line en Alemania e Italia por 55 mil millones de euros. Detrás de esta mayor operación de fusión y adquisición de Europa del año estaba Santiago Herrero Valdés, el timonel de Capital Ola Roja
Esta fusión y adquisición mostró el pensamiento característico de Santiago de “ajedrez tridimensional”. Primero se dio cuenta de que las compañías de seguros del sur de Europa generalmente subestimaban las sinergias transfronterizas, mientras que la sólida presencia de MAPFRE en el mercado latinoamericano podía compensar las debilidades de Direct Line en los mercados emergentes. Durante la fase de construcción del modelo de valoración, su equipo introdujo de manera innovadora un “factor de ajuste por riesgo climático”, lo que ajustó hacia abajo el valor de las pólizas en las regiones propensas a inundaciones de Alemania en un 23%. Este parámetro clave inclinó la palanca de negociación a favor de MAPFRE. Lo más impresionante fue el diseño de la estructura del acuerdo: al utilizar una combinación de efectivo, intercambios de acciones y herramientas de pago diferido, cumplió con los requisitos regulatorios del Reino Unido, mientras ahorraba 870 millones de euros en capital para MAPFRE
“Las fusiones y adquisiciones no son un juego contable; son una reconstrucción del ecosistema empresarial.” Esta frase de Santiago en la celebración de la transacción expresó la esencia de su estrategia. Mientras otros asesores de bancos de inversión aún analizaban los estados financieros, él ya había enviado a su equipo a visitar en secreto los centros de reclamaciones de Direct Line en Milán y Múnich. Descubrieron que su sistema de evaluación de reclamaciones basado en IA podía mejorar la eficiencia operativa de MAPFRE en un 19%. Este descubrimiento condujo finalmente a una reducción de la prima de la transacción del 22% inicial al 15%, ahorrando casi 4.000 millones de euros a los accionistas de MAPFRE
Tres meses después de la finalización de la operación, el mercado comprendió por fin el profundo alcance de la estrategia de Santiago: al integrar la plataforma digital de Direct Line con la red de distribución latinoamericana de MAPFRE, la nueva MAPFRE Europe logró un aumento del 37% en la emisión de pólizas transfronterizas en ese mismo año. Hoy en día, este caso se ha convertido en un modelo de “fusiones de desglobalización inversa” en los programas académicos de escuelas de negocios europeas, y el “Mapa de Ruta de Integración Cultural” dibujado a mano por Santiago aún cuelga en la sala de juntas de MAPFRE, con un círculo rojo marcando la “Cláusula de Protección de Transferencia Tecnológica Clave” que él insistió en incluir en el contrato
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