1. Tell us about the history, mission, and values of Liberty Mutual Surety.

Liberty Mutual Surety Spain, a subsidiary of the Liberty Mutual Group, has been operating in our country since 2019. Our mission is to guarantee the faithful performance and proper execution of contracts signed in Spain—both by domestic entities and international companies, with particular attention to those based in the United States. From our headquarters in Spain, we also act as facilitators, providing surety solutions for Spanish companies participating in international contracts, especially those required for operations in the United States. This is made possible thanks to the backing and expertise of our parent company, Liberty Mutual Surety, a global leader in the surety market.

Our main strengths can be summarized as follows:

• Strong financial ratings from leading international agencies: A2 by Moody’s, A (Excellent) by AM Best, and A (Strong) by Standard & Poor’s.
• Operational presence in more than 60 countries, enabling us to offer truly global coverage.
• The ability to provide large surety lines, with over 57 clients holding credit lines exceeding $1 billion.

The importance of surety bonds lies in the fact that they are an essential requirement for the formalization and execution of both public and private contracts. Without this instrument, companies cannot begin their projects—making it a vital component of their business operations.

2. Tell us about your professional background and your current role at Liberty Mutual Surety.

My professional career began 30 years ago at the U.S. insurance company Travelers. Over the years, I have developed my career at various American firms in the sector, such as HCC and AmTrust, before joining Liberty in 2019. I currently serve as Country Manager of Liberty Mutual Surety Spain, where I lead the brand’s expansion at the local level. My primary responsibility is to provide specialized surety services and advisory support to Spanish companies with interests in the United States and other regions, as well as to U.S. and international companies operating in Spain.

3. What do you consider to be the main differentiating factor or the aspect you are most proud of within your organization?

Our main added value and key differentiator can be summarized as follows:

• Strong financial stability, supported by high ratings from leading international agencies.
• An agile and efficient international service, capable of adapting to our clients’ needs across different parts of the world.
• Deep knowledge and extensive experience in complex surety markets such as the United States.
• Large bonding capacity, which allows us to serve as a comprehensive solution for many of our clients.

4. Why are Spain and the United States important markets for your company?

Spain is a key destination for U.S. investments in sectors such as distribution, logistics, energy, data centers, and pharmaceuticals. All these companies require surety solutions to ensure the proper execution of their contracts and projects in the country. Conversely, major Spanish groups in energy, construction, and engineering, among others, undertake significant projects in the United States—a highly complex market where bonding requirements can reach up to 100% of the contract value. Faced with these challenges, these corporate groups turn to Liberty Mutual Surety for capacity, expertise, and specialized service. This enables us to build strong, long-term partnerships that contribute to the success of their international operations.

5. Why did you choose to become a member of AmChamSpain?

We decided to join AmChamSpain because we see it as a strategic platform to strengthen commercial ties between Spain and the United States. The Chamber provides access to valuable resources, networking opportunities, and events that promote the exchange of knowledge and best practices. It also allows us to stay informed about regulatory developments and market trends relevant to our industry, while actively contributing to the creation of a competitive and collaborative business environment.

1. Tell us briefly about IQVIA’s history, mission, and values

IQVIA is a global leader in the use of data, technology, advanced analytics, and scientific expertise to help healthcare clients improve patient outcomes. We combine data science with deep industry knowledge to accelerate medical innovation and enhance health results through an innovative approach powered by artificial intelligence and predictive analytics. This enables organizations around the world to optimize clinical research, improve access to treatments, and transform healthcare delivery.

2. Tell us about your professional background and your current role at IQVIA

My career path perfectly reflects what IQVIA stands for — a company that believes in internal growth, opportunity creation, and a long-term vision. I joined IQVIA 17 years ago, spending my first 13 years in the business consulting area focused on pharmaceutical laboratories. I later led the Consumer Health business unit for three years, and since January 2025, I have had the honor of serving as General Manager of IQVIA Spain.

3. What is the element that most differentiates your organization, or of which you are most proud?

First, IQVIA is a company that works exclusively within the healthcare sector, which gives us a very high level of specialization. Second, IQVIA holds world-class real-world information assets — from drug development to the outcomes of healthcare interventions — allowing us to rebuild the entire knowledge chain of the healthcare ecosystem from start to finish. We do this by combining people and capabilities from different teams across the company, from accelerating diagnosis to improving therapies and evaluating their results. Many companies cover some of these aspects, but none can do so quite like IQVIA — and certainly not at a global scale.

4. Why are Spain and the United States important for your company?

Spain is a crucial market for IQVIA as a global company, as it is a powerhouse in clinical development for multiple reasons. Today, it ranks second worldwide in clinical trial activity, just behind the United States. In the past year alone, nearly 180,000 Spaniards participated in clinical trials, the vast majority of them led or supervised by IQVIA’s Clinical division. We also have a workforce of around 1,800 employees, most of whom are based in our Madrid and Barcelona offices. Thanks to Spain’s strong talent pool, language skills, and capabilities, it also serves as the hub for several global operations supporting teams around the world in areas such as Consulting, Technology, Finance, and Human Resources. The United States, on the other hand, is our headquarters country. Our corporate headquarters in North Carolina houses IQVIA’s global strategic functions, including executive leadership, Finance, Human Resources, R&D, and Technology, as well as the IQVIA Institute for Human Data Science, which provides key insights into the global healthcare ecosystem and directly informs strategic decisions across Europe.

5. Why did you choose to become a member of AmChamSpain?

At IQVIA, one of our core purposes is to continue serving as a connector among key stakeholders in the healthcare ecosystem — including the pharmaceutical industry, medical researchers, government agencies, payers, non-profit organizations, and others involved in patient care. Collaboration among all of these actors is essential to strengthening this ecosystem, and being part of such a solid and well-established forum as AmChamSpain, with its strong network of members and deep transatlantic focus, allows us to better understand U.S. business strategies and market trends while fostering dialogue and cooperation across both countries.

This week, we had the pleasure of speaking with Antonio Cendrero, CEO of Arriva Spain.

1. Tell us briefly about the history, mission, and values of the Arriva Group.

The company’s origins date back to 1938, when the Cowie family opened a second-hand motorcycle shop in Sunderland, United Kingdom. This humble beginning would eventually evolve into what is now the Arriva Group. Over the years, the business transformed and expanded into a leading multimodal passenger transport company operating in 11 European countries. Arriva offers regular and on-demand bus and coach services, trains, trams, waterbuses, shared bicycles, and a rail leasing company. Today, Arriva employs over 34,000 people and transports approximately 1.6 billion passengers annually. In Spain, we have a strong presence in interurban road transport, particularly in the Madrid and Galicia regions. In June, I Squared Capital completed the acquisition of the Arriva Group, marking a significant milestone in the company’s history.

Our mission is to be Europe’s leading public transport operator while contributing to a future where public transport is the preferred way to travel. Our core values are simple and straightforward: do the right thing, make a difference, and work with passion.

2. Tell us about your professional background and your current role at Arriva.

My career began in consulting, but I soon joined ExxonMobil in Spain to work on various transformation projects, including one of the largest SAP implementations in the world. Later, I transitioned to the Facility Management industry, where I helped grow a family-owned company to 250 million euros in revenue and a workforce of 12,000 employees across Spain and South America.

Since 2019, I have been leading Arriva’s business in Spain, focusing on sustainability and growth. My work has been closely tied to people management and profit-and-loss responsibility from early on. Over the years, I have led team and organizational transformations, restructured divisions and companies, and driven changes in business models, strategies, operations, and culture.

I’ve built my career across multinational corporations and family-owned businesses in various sectors (consulting, oil & gas, facility services, and transport). I’ve also lived abroad (Brussels) and managed international operations (Chile, Peru). I hold an Industrial Engineering degree from the University of Valladolid (Spain), completed a General Management Program (PDG) at IESE Business School, and studied the strategic implications of artificial intelligence at MIT Sloan School of Management.

3. What sets your organization apart, and what are you most proud of?

Without a doubt, our people make the difference, and I am incredibly proud of our team. We have nearly 1,000 professionals dedicated to daily operations and committed to the company’s future. Ninety percent of our workforce consists of drivers and engineers—highly experienced professionals with a strong service mindset. They understand their role’s importance, not just to the company but also to the passengers they serve, the urban areas they connect, and the broader public transport network in the communities where we operate.

We saw this dedication firsthand during the pandemic. Even in the darkest times, with devastating news about the rising death toll, our drivers—including a growing number of women—kept operating buses to ensure public transportation remained available. More recently, in Valencia, our team volunteered alongside Madrid’s Transport Consortium to establish emergency bus routes in areas affected by severe flooding.

Meanwhile, our corporate team is responsible for integrating frontline insights with the commitments we’ve made to our clients and partners, ensuring regulatory compliance, and working with social partners and public administrations to continuously improve passenger experiences. We are proud of our role in transforming public transport—a critical, innovative sector that must lead sustainable urban transformation to make cities more livable.

4. Why are Spain and the United States important markets for your company?

We are a well-established company in Spain with an ambitious growth plan. The acquisition of the Arriva Group by I Squared Capital marks an exciting and optimistic new chapter for the entire organization. Having a U.S.-based shareholder brings a fresh perspective rooted in innovation and development. I Squared Capital and Arriva share a common vision of a more innovative, sustainable future.

5. Why did you choose to partner with AmChamSpain?

At Arriva Spain, we have a tradition of building relationships with chambers of commerce that represent our shareholders’ interests. AmChamSpain is a valuable platform that offers great opportunities. Becoming a member allows us to expand our network, share experiences, and learn best practices from other leading companies. We believe that this exchange of perspectives and knowledge will benefit us and serve as a compelling incentive for our teams through active collaboration in the Chamber’s working committees.