Reinsurer’s move strengthens operational capacity in one of the world’s fastest-growing insurance markets

ROSA, MIGUEL

MAPFRE Re has received regulatory approval to open a branch office in Gujarat, India, marking a significant step in its Asian expansion strategy.

The authorisation was granted by the International Financial Services Centres Authority of India.

MAPFRE Re said its relationship with the Indian market spans more than a decade, during which it has built a portfolio and worked with leading domestic insurers.

The reinsurer said the new branch will enhance its operational capacity and enable a more agile and specialised service in a market benefiting from economic growth, rising demand for protection solutions and a supportive regulatory environment.

Miguel Rosa (pictured), CEO of MAPFRE Re, said: “The authorisation to operate in India means we’ll be even closer to our clients and that we’ll also be able to leverage our technical knowledge and underwriting capacity in a market with high development potential.”

Rosa added: “Our strong financial position, underpinned by the solvency that’s become a hallmark of MAPFRE Re, coupled with the backing of a global group like MAPFRE, are key elements to sustainably support the growth of our clients’ business in this dynamic market.”

Javier Sánchez Cea, APAC regional manager at MAPFRE Re, said the move complements the company’s broader regional strategy.

“The opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024,” he said.

“It also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia, and Singapore. Together, they constitute one of the fundamental pillars for MAPFRE Re’s growth in Asia in the coming years,” Cea added.

MAPFRE Re said it will now complete pre-opening procedures with local administrations and expects to commence operations in the coming weeks.

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