CORPORATE | 08.09.2015
MAPFRE RE opens branches in Singapore and Malaysia
Among its objectives of increasing the reinsurance business in Asia Pacific
MAPFRE RE has recently opened two new branches in Asia, specifically in Labuan (Malaysia) and Singapore, with the aim of strengthening its reinsurance business in Asia.
The Malaysia branch has been operational since early this year, while the one in Singapore was authorized to provide its services in September. These two new offices are in addition to the other two that already existed in the region (Manila and Beijing).
The person responsible for both new branches will be Andrés Lorenzana, who will lead a team of professionals in coordination with the headquarters in Madrid and the Regional Management for MAPFRE RE APAC, led by Jesús Galeote.
According to Pedro de Macedo, Chairman and CEO of MAPFRE RE, “our desire to be a global reinsurer close to its clients and the volume of business that the Asia Pacific region already entails for us more than justify these new openings. We think we can contribute the capacity and quality of service in the region which characterize us in other regions of the world where we have leading positions.”
MAPFRE RE is the reinsurance unit of MAPFRE Group and has sales offices in 19 cities around the world, from which it provides services in more than 100 countries. The reinsurer has A ratings “with a stable outlook” awarded by the ratings agencies A.M. Best and Standard &Poor’s, and is placed fourteenth in the global reinsurance ranking, published in 2014 by A.M. Best. In 2014, MAPFRE RE obtained a premium volume of 3.343 billion euros and profit before tax of 200 million euros.