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MAPFRE RE Obtains Approval from China’s Financial Regulator to Open Its Beijing Branch
Global reinsurer MAPFRE RE today announces that it has obtained on 2 July 2024 official approval from the National Financial Regulatory Administration of the People’s Republic of China to open its branch 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.
The newly established Beijing Branch is an important milestone for MAPFRE RE’s strategic development in China. It will enable the company to provide a wider range of services and increased support to the Chinese clients, strengthening MAPFRE RE’s position in the local market and its visibility in the region.
Miguel Rosa, CEO of MAPFRE RE, said: “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.”
MAPFRE RE shall now handle pre-opening procedures with the relevant local administrations in accordance with the applicable local rules and regulations.
MAPFRE RE is a global reinsurer and the professional reinsurer 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. It obtained premiums of 7,856 million euros in 2023, 8.8% more than the previous year, with an attributable net income of 245 million euros (+70.6%).
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