International reinsurer MAPFRE RE said that the National Financial Regulatory Administration of the People’s Republic of China approved it on July 2, 2024, to open a branch in Beijing.
MAPFRE RE started the insurance cooperation with China in 1983. From the beginning of the 1970s, MAPFRE RE initially gradually increased its commitment and now has a solid and extensive business network along with many important Chinese insurance companies.
Significant Milestone For MAPFRE RE
The setting up of the Beijing Branch can therefore be regarded as a major success in the overall strategic development plan of the company in China. This will help the company to expand the range of offered services and increase the support of the Chinese clients, which will further strengthen the positions of MAPFRE RE as a local to China player and boost its profile in the region.
CEO of MAPFRE RE, Miguel Rosa Statement:
The opening of this branch highlights our commitment to the Chinese market and the gradual increase of services in Asia. The insurance company operates directly in some Asian countries such as the Philippines, Japan, Malaysia, and Singapore.
This is besides the financial strength that comes from being part of the global MAPFRE Group together with our technical experience to effectively service and meet the needs of clients in this area. Our target is to perform as one of the premier reinsurers in this market.
MAPFRE RE Managing Pre-Opening Procedures
The local authorities therefore will be subjected to pre-opening processes with the required permissions of the company in accordance with the local laws and regulations enacted. It’s is a reinsurer with worldwide reach and a member of the MAPFRE Group thus providing reinsurance services and capacities in treaty and facultative business in Life and Non-Life reinsurance solutions. It is based In 2023, and over that year it produced premiums of 7,856 million euros, registering an 8.08% point higher than the previous year it demonstrated an attributable net income of 245 million euros which had jumped by 70.6%.