The new business, which has initial operating capital of €72.5m, will be led by Ignacio Rodríguez Arteche
Mapfre Re has gained the necessary regulatory approvals to convert its Beijing office into a subsidiary branch Until now its presence in China was through a representative office.
The Spanish and Latin American reinsurer obtained approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the opening of a subsidiary office in the country’s capital, Beijing.
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 (€72.5m) and will be led by Ignacio Rodríguez Arteche.
The reinsurance company is building its presence across the region and has offices in Japan, the Philippines, Singapore and Malaysia.