Mapfre Re eyes growth in China, launches subsidiary in Beijing

Spain-based global reinsurer  Mapfre Re has obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) to establish a new subsidiary office in Beijing.

Until now, the reinsurer’s presence in mainland China was through a representative office

The approval will allow Mapfre Re to convert its Beijing office into a subsidiary branch and increase its business operations in China, where it has been operating since the 1980s.

The subsidiary will initially have an operating capital of 500 million yuan (€72.5 million) and will be led by Ignacio Rodríguez Arteche.

The company said the reinforcement of Mapfre Re’s China business is part of its growth process in Asia, where it also has offices in Japan, the Philippines, Singapore and Malaysia.

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