Mapfre Re obtains regulatory approval to establish new branch in Beijing, China

Spanish reinsurer Mapfre Re has received permission from the National Administration of Financial Regulation of the People’s Republic of China to open a new branch in Beijing.

This development represents a decisive step forward in the company’s strategic development and its presence in the Chinese market.

The new Beijing office is expected to expand Mapfre Re’s service offering and improve its service to Chinese clients, strengthening the company’s market position and regional relevance.

Following approval, Mapfre Re is now ready to begin the necessary pre-opening activities, in collaboration with local authorities and in compliance with local regulations.

The company has been operating in the Chinese insurance sector since the early 1980s.

Mapfre Re CEO Miguel Rosa said: “The opening of this branch reinforces our commitment to the Chinese market and our desire to further expand our services in Asia, a continent where Mapfre Re has a direct presence – in addition to China – in the Philippines, Japan, Malaysia and Singapore.

“Our financial strength and solvency, the support of a global group such as Mapfre, and our technical rigor allow us to increase our capacity to serve clients in this region and strive to become the reinsurer of reference in this market.”

With a global reach, Mapfre Re is the professional reinsurance arm of Mapfre Group. It specializes in providing a comprehensive set of contractual and facultative reinsurance solutions for all life and property lines of business.

Last year, the company saw premiums increase by 8.8% to €7.85 billion ($8.49 billion) and net income written increase by 70.6% to €245 million.

In 2022, the Board of Mapfre Re approved a capital investment of €250 million to support the expansion of the company’s reinsurance capacity for its clients.

“Mapfre Re secures regulatory approval to open new branch in Beijing, China” was originally created and published by Life Insurance International, a GlobalData brand.

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