Caixin
Aug 17, 2022 03:42 AM
FINANCE

Spanish Reinsurance Giant to Set Up Beijing Unit

What’s new: Spanish reinsurer Mapfre Re won regulatory approval to set up a Beijing subsidiary, joining a slew of global insurance giants entering China’s growing reinsurance market.

The operating capital of Mapfre Re’s Beijing subsidiary will be 500 million yuan ($73.7 million), and the company has a year to complete preparations to set up the subsidiary, the China Banking and Insurance Regulatory Commission (CBIRC) said.

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