MAPFRE RE, a global reinsurance company, has received official approval from the National Financial Regulatory Administration of the People’s Republic of China to open a new branch in Beijing.
The approval, granted on July 2, 2024, marks a significant milestone for MAPFRE RE. The company, which has been engaged with China’s insurance market since the early 1980s, has steadily increased its commitment over the past four decades, building a solid business foundation and broad cooperation with major Chinese domestic insurance firms.
The establishment of the Beijing Branch will allow MAPFRE RE to offer a wider range of services and enhanced support to Chinese clients, strengthening its market position and visibility in the region.
The new branch aligns with MAPFRE RE’s strategic development goals in China, enabling it to better serve the local market’s needs.
Miguel Rosa, CEO of MAPFRE RE, stated, “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.”
Following the approval, MAPFRE RE will handle the pre-opening procedures with relevant local administrations in compliance with applicable local regulations.
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