MAPFRE Re, the reinsurance arm of the Spain-based insurance group, will soon open a representative office in Tokyo as it steps up its Asian reinsurance business.
The company has appointed Jun Matsuoka, an experienced re/insurance professional, to head the office.
Jesús Galeote, MAPFRE Re’s regional manager for Asia-Pacific, commented: “This opening allows us to consolidate even further our already close relationships with companies in the Japanese market, and clearly underscores our commitment not only to such a strategic market, but to the whole region.”
The reinsurer has offices in 20 cities around the world, serving more than 100 markets, including several in Asia, namely China, Malaysia, the Philippines, and Singapore. It claims to be the 16th largest reinsurer globally in terms of premium volume.
In 2016, MAPFRE Re reported a premium income of €4.24 billion (US$5 billion), with a net profit of €186 million (US$219.33 million).
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