 The mid-1970s were a crisis period in world economy, affecting Spain and MAPFRE as well.Larramendi responded with another reorganization in 1978, based on creation of Corporación MAPFRE as a holding structure and reducing stakes in controlled companies, fully moved to the joint-stock formula.The scheme proved transitional and in 1983 was followed by launch of Sistema MAPFRE 85, Mutual at its centre and by means of Corporación controlling all daughter companies, now specializing in 3 areas