Until now its presence in China was through a representative office
MAPFRE RE has obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the opening of a subsidiary office in the country’s capital, Beijing. Until now, the MAPFRE Group’s reinsurer was present in mainland China through a representative office.
This new configuration will allow MAPFRE RE to increase its business operations in China, a country in which it has been operating since the 1980s. The subsidiary will initially have an operating capital of 500 million yuan (72.5 million euros) and will be led by Ignacio Rodríguez Arteche.
The reinforcement of MAPFRE RE’s China business is part of a growth process that the reinsurance company has been carrying out in Asia in recent years, where, in addition to China, it has offices in Japan, the Philippines, Singapore and Malaysia.
