Spanish reinsurer Mapfre Re has received authorisation from the National Financial Regulatory Administration of the People’s Republic of China to establish a new branch in Beijing.
This development mark a decisive advancement in the company’s strategic growth and presence in the Chinese market.
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The new Beijing branch is expected to enhance Mapfre Re’s service offerings and bolster support for its Chinese clientele, thereby consolidating its market position and regional prominence.
Following the approval, Mapfre Re is now set to commence the necessary pre-opening activities with local administrations, in compliance with local regulations.
The company has been involved in China’s 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 to continue increasing our services in Asia, a continent in which Mapfre Re has a direct presence – in addition to China – in the Philippines, Japan, Malaysia and Singapore.
“Our financial strength and solvency, the backing of a global group such as Mapfre and our technical rigour allow us to increase our capacity to serve clients in this region and aspire to be a reinsurer of reference in this market.”
With a global footprint, Mapfre Re is the professional reinsurance arm of the Mapfre Group. It specialises in delivering a comprehensive suite of treaty and facultative reinsurance solutions across all life as well as non-life business lines.
Last year, the company reported an 8.8% increase in premiums to €7.85bn ($8.49bn), alongside a substantial 70.6% rise in attributable net income, reaching €245m.
In 2022, Mapfre Re’s board approved a capital investment of €250m to support greater reinsurance capacity for its customers.
