Spanish insurance company MAPFRE’s reinsurance branch, MAPFRE Re, has received approval from the International Financial Services Centres Authority (IFSCA) of India to open its newest branch office in Gujarat International Finance Tec-City (GIFT City).
The establishment aims to strengthen the reinsurer’s operational capacity and offer a more tailored service in one of the “world’s largest and most outward-looking” insurance markets.
MAPFRE Re has a decade-long standing relationship with the Indian insurance market, during which it has progressively increased its commitment to the market, building a solid business portfolio and collaborating closely with the country’s main insurance companies.
The reinsurer emphasised that the opening of the Indian branch comes as the country’s insurance market shows promise of growth, driven by its economic dynamism, a rise in demand for protection solutions, and an increasingly favourable regulatory environment.
According to the reinsurer, this office will help in the overall strategic development in Asia, as it will strengthen the company’s operational capacity.
Having secured this authorisation, MAPFRE Re will continue with the pre-opening procedures with the different local administrations, in line with current local regulations, to start activity in the country in the coming weeks.
Miguel Rosa, Chief Executive Officer, MAPFRE Re, commented, “The authorisation to operate in India means we’ll be even closer to our clients and that we’ll also be able to leverage our technical knowledge and underwriting capacity in a market with high development potential.
“Our strong financial position, underpinned by the solvency that’s become a hallmark of MAPFRE Re, coupled with the backing of a global group like MAPFRE, are key elements to sustainably support the growth of our clients’ business in this dynamic market.”
Javier Sánchez Cea, Regional Manager, APAC, MAPFRE Re, added, “The opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024.
“It also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia, and Singapore. Together, they constitute one of the fundamental pillars for MAPFRE Re’s growth in Asia in the coming years.”
Over 2025, several international reinsurers have established their branches in GIFT City, including Saudi Re in January 2026.
