MAPFRE Re, the reinsurance arm of Spanish insurance company MAPFRE, has received approval from the International Financial Services Centers Authority of India (IFSCA) to open its latest branch at the International Financial Technology City (GIFT City) in Gujarat.
The agency aims to strengthen the reinsurer’s operational capabilities and provide a more tailored service in one of the “world’s largest and most outward-looking” insurance markets.
MAPFRE Re has a long-standing relationship with the Indian insurance market spanning over ten years, during which time it has gradually increased its exposure to the market, built a solid business portfolio and worked closely with the country’s major insurance companies.
The reinsurer highlighted that the opening of the Indian branch comes at a time when the country’s insurance market is showing growth prospects driven by economic dynamism, increased demand for protection solutions and an increasingly favorable regulatory environment.
The reinsurer said the office will contribute to overall strategic development in Asia as it will enhance the company’s operational capabilities.
Following this authorization, MAPFRE Re will continue its pre-opening procedures with the different local administrations in order to start its activities in the country in the coming weeks, in accordance with current local regulations.
Miguel Rosa, CEO of MAPFRE Re, commented: “Being authorized to operate in India means we will be even closer to our customers and we will also be able to leverage our technical knowledge and underwriting capabilities in a market with high growth potential.
“Our strong financial position, underpinned by the solvency that has become MAPFRE Re’s hallmark, coupled with the support of a global group like MAPFRE, is a key element in sustainably supporting the growth of our clients’ businesses in this dynamic market.”
Javier Sánchez Cea, MAPFRE Re Regional Manager Asia Pacific, added: “The opening of a branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024.
“It also aligns perfectly with the expansion of our direct presence in key countries on the African continent such as the Philippines, Japan, Malaysia and Singapore. Together they form one of the fundamental pillars of MANF Re’s growth in Asia in the coming years.”
Since 2025, many international reinsurance companies have established branches in GIFT City, including the Saudi Reinsurance Company established in January 2026.
