Global reinsurer MAPFRE RE to open its new branch in Beijing as it has been granted approval from the National Financial Regulatory Administration of the People’s Republic of China.
The Beijing Branch is an important milestone for MAPFRE RE’s strategic development in China, the company stated.
It will enable MAPFRE RE to provide a wider range of services and increased support to the Chinese clients, strengthening the company’s position in the local market and its visibility in the region.
The reinsurer has been cooperating with China’s insurance market for the last 40 years, steadily increasing its commitment and establishing a solid business foundation as well as broad cooperation with the most relevant Chinese domestic insurance companies.
“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, CEO of MAPFRE RE.
Adding: “Our financial strength and solvency, the backing of a global Group such as MAPFRE and our technical rigor allow us to increase our capacity to serve clients in this region and aspire to be a reinsurer of reference in this market.”
With the opening of its new China branch, MAPFRE RE will now be able to handle pre-opening procedures with the relevant local administrations in accordance with the applicable local rules and regulations.
As the professional reinsurance unit of the MAPFRE Group, MAPFRE RE offers reinsurance services and capacity providing all types of treaty and facultative reinsurance solutions, in all Life and Non-Life lines of business.
The company currently has 19 offices around the world and does business in over 100 countries.
