Mapfre Re has received clearance from India\u2019s International Financial Services Centres Authority (IFSCA) to establish a branch in Gujarat, India.<\/p>\n
This marks a further expansion of the company\u2019s activities in Asia.<\/p>\n
The reinsurer has been active in the Indian market for more than ten years, gradually increasing its involvement and forming partnerships with major insurers in the country.<\/p>\n
The new branch is expected to boost Mapfre Re\u2019s local operations and allow for a more direct service to Indian clients, noted the Spain-based reinsurer.<\/p>\n
With the regulatory authorisation in place, Mapfre Re will now move forward with pre-opening processes in accordance with local administrative requirements. The company plans to commence operations in the coming weeks.<\/p>\n
Mapfre Re is part of the Mapfre Group. In 2025, it reported \u20ac8.4bn ($11.4bn) in premiums.<\/p>\n
Mapfre Re APAC regional manager Javier S\u00e1nchez Cea said: \u201cThe opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024.<\/p>\n
\u201cIt also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia and Singapore. Together, they constitute one of the fundamental pillars for Mapfre Re\u2019s growth in Asia in the coming years.”<\/p>\n
The approval comes as other global reinsurers express interest in entering India\u2019s<\/a> Gujarat International Finance Tec City.<\/p>\n Earlier this month, Reuters reported that Lloyd\u2019s of London is seeking permission to operate there, while South Korea\u2019s Samsung Re and Africa\u2019s Kenya Re are also among those planning to set up in the city.<\/p>\n