MAPFRE RE has officially opened its new branch office in Beijing, marking a significant step in the company’s expansion within China.
The inauguration event took place on Oct. 18 at the residence of the Spanish Ambassador to China, attended by industry and diplomatic representatives.
The ceremony began with remarks from Spanish Ambassador Marta Betanzos Roig, who shared her expectations for MAPFRE RE's continued commercial growth in China.
Alfonso Noriega, first economic and commercial counselor at the Spanish Embassy in China, also congratulated the company, emphasizing the importance of financial cooperation between China and Spain.
MAPFRE RE CEO Miguel Rosa discussed the strategic importance of the Beijing branch, noting that the new office would strengthen relationships with local partners and enhance the company’s reinsurance services in the Chinese market.
Ignacio Rodríguez Arteche, the manager of the new branch, said that MAPFRE RE was committed to the development of China’s insurance and reinsurance industry.
The event included representatives from MAPFRE RE’s headquarters in Madrid, including Javier Sánchez Cea, regional manager for the Asia-Pacific region, and Javier San Basilio, deputy general manager and chief underwriting ffficer.
MAPFRE RE said in a LinkedIn post that its new branch is expected to support its long-term growth strategy in China, facilitating closer collaboration with local markets.
Back in July, the reinsurer announced that it obtained official approval from the National Financial Regulatory Administration of the People’s Republic of China to open its branch in Beijing.
“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. 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,” Rosa said.
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