MAPFRE RE obtains regulatory approval for Beijing branch
MAPFRE RE obtains regulatory approval for Beijing branch | Insurance Business America
Reinsurance
MAPFRE RE obtains regulatory approval for Beijing branch
Reinsurer has been involved in the market since the early 1980s
Reinsurance
By
Kenneth Araullo
Global reinsurer MAPFRE RE announced it has received official approval from the National Financial Regulatory Administration of the People’s Republic of China to open a branch in Beijing. This approval was obtained on July 2.
MAPFRE RE has been involved in China’s insurance market since the early 1980s. The company said that over the past 40 years, it has built a solid business foundation and established broad cooperation with major Chinese domestic insurance companies.
The establishment of the Beijing Branch marks a significant milestone for MAPFRE RE’s strategic development in China. The company noted that this new branch will allow the company to offer a wider range of services and provide increased support to Chinese clients.
“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,” said Miguel Rosa (pictured above), CEO of MAPFRE RE.
He added that the company’s financial strength and solvency, along with the backing of the global MAPFRE Group and technical rigor, enable it to serve clients in the region and aim to be a leading reinsurer in the market.
MAPFRE RE announced that it will proceed with pre-opening procedures with the relevant local administrations in accordance with local regulations.
MAPFRE RE is a global reinsurer and the professional reinsurer of the MAPFRE Group. It offers reinsurance services and capacity, providing treaty and facultative reinsurance solutions in all life and non-life lines of business.
In 2023, the company obtained premiums of €7,856 million, an 8.8% increase from the previous year, with an attributable net income of €245 million, a 70.6% rise.
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