Global reinsurer MAPFRE RE has now received regulatory approval to establish a subsidiary in Beijing, which will reportedly have a working capital of 500 million yuan (USD 73.7m).
According to the China Banking and Insurance Regulatory Commission (CBIRC), the Spanish reinsurer’s new Beijing subsidiary has one year to finalise preparations.
Reports suggest that Ignacio Rodríguez Arteche, who previously served as the principal representative of the company at its Beijing office, is the proposed general manager of the Beijing subsidiary.
Over the years, MAPFRE RE has partnered with numerous Chinese insurers to undertake reinsurance business in the country but has now been approved to launch its own subsidiary in the region.
Back in 2019, the reinsurer’s parent, MAPFRE, entered into a new partnership with China Re on insuring investments related to China’s Belt and Road Initiative (BRI).
