The reinsurance arm of the Madrid-based insurer has gained approval from China’s National Financial Regulatory Administration.

Mapfre Re has announced that it has obtained approval from the National Financial Regulatory Administration of the People’s Republic of China to open a branch in Beijing.

Miguel_Rosa_MAPFRE Re

The reinsurer, part of Spain-based international insurer Mapfre, started its cooperation with China’s insurance market in the 1980s.

Since then Mapfre Re has increased its Chinese commitments and established business foundations and broad cooperation with Chinese domestic insurers.

The Beijing branch enables the company to provide wider services and increased support to Chinese clients, Mapfre Re said, strengthening its position and visibility in the local and regional markets.

The reinsurer said it was now focused on pre-opening procedures with relevant local Chinese government agencies.

Miguel Rosa (pictured), 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.

Last year Mapfre Re had gross underwritten premiums of €7.856bn and net income of €245m.

Rosa added: “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.”