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.