MAPFRE RE gets China’s approval to operate in Bejing

MAPFRE RE will proceed with pre-opening steps in compliance with local regulations. 

Spain-headquartered reinsurer, MAPFRE RE, has received an official approval from the National Financial Regulatory Administration of the People’s Republic of China, last 2 July.

This green light signifies MAPFRE RE’s continued expansion in China, specifically in Beijing.

“MAPFRE RE started its cooperation with China’s insurance market back in the early 80’s. During the last 40 years, MAPFRE RE has been steadily increasing its commitment to the market and has established a solid business foundation and broad cooperation with the most relevant Chinese domestic insurance companies,” it said in a media release.

"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 rigor allow us to increase our capacity to serve clients in this region and aspire to be a reinsurer of reference in this market,” said Miguel Rosa, CEO of MAPFRE RE.

MAPFRE RE will now proceed with pre-opening procedures in compliance with local regulations. 

As a global reinsurer, MAPFRE RE provides a range of treaty and facultative reinsurance solutions across life and non-life lines, achieving EUR7.9b in premiums and EUR245m in net income in 2023.