A staff member explains medical insurance policies at a hospital in Sanming, Fujian Province, Nov. 18, 2020. (Xinhua/Jiang Kehong)
BEIJING, Aug. 17 (Xinhua) -- Spanish reinsurer Mapfre Re was approved by the China Banking and Insurance Regulatory Commission (CBIRC) to set up a subsidiary in Beijing.
According to information released on Tuesday by the CBIRC on its website, the working capital of Mapfre Re's Beijing subsidiary will be 500 million yuan, and the company has one year to complete preparations for establishment of the subsidiary.
Founded in 1986 as part of Spain's largest insurance group Mapfre, Mapfre Re has become a global insurer specialized in life and non-life reinsurance, with business presence in more than 100 countries.
The Madrid-based reinsurer has been partnering with some Chinese insurance companies to conduct reinsurance business in China since 1980s.
Setting up the Beijing subsidiary further shows Mapfre Re's confidence in China's growing reinsurance market. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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