MAPFRE RE is set to open a representative office in Tokyo with the aim of strengthening its presence in Asia. The office is to open on 1 December.
The opening reflects the company’s objective of increasing its reinsurance business in the Asia Pacific region, says MAPFRE RE in a statement. The reinsurer already operates from China, Singapore, Malaysia and Philippines.
Jun Matsuoka, an experienced insurance and reinsurance professional based in Japan, will head up the new MAPFRE RE office.
MAPFRE RE’s APAC regional manager, Jesús Galeote, said: “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 also to the whole region”.
MAPFRE RE is the reinsurance unit of MAPFRE Group and has offices in 20 cities around the world, from which it provides services in more than 100 countries. It has consolidated its position as the 16th largest reinsurer in the world by premium volume. In 2016, the Reinsurance Unit’s premiums reached EUR4.24 billion (US$5.1 billion), with net earnings of EUR186 million.
Meanwhile, Bangkok-based Asian Re is reshuffling its management.
The reinsurer has selected Mr Anil Sant as its next President and CEO effective from December 2017 replacing Mr S A Kumar who will be retiring on completion of his tenure. Mr Sant brings to the job three decades of experience in reinsurance having worked in GIC Re, Mumbai, headed the London Branch of GIC Re and then was at Trust Re, Malaysia where he was Head of Underwriting . He is an Engineering graduate and a Fellow of the Insurance Institute of lndia.
Asian Re has also picked an internal candidate Mr Md. Alamgir Kabir as Executive Vice President replacing Mrs Champa Mellawa who has completed her tenure with the corporation. He has over two decades of experience in insurance and reinsurance, having worked at Sadharan Bima Corporation, the national reinsurer of Bangladesh, prior to serving Asian Re in various capacities. He is a postgraduate in Commerce and Management and an Associate of the Chartered Insurance Institute.
In addition, Asian Re has recruited Mrs Nilmini Ekanayake as Vice President (Technical) who has over two decades of experience in reinsurance, having held various assignments in USA and Sri Lanka, the last one being with the Fairfax group. She has an MBA and is an Associate of the Chartered Insurance Institute.
Asian Re is an intergovernmental organisation formed under the auspices of UN-ESCAP by 10 member governments which are designated as regular members. The corporation has 19 associate members as additional shareholders. They are leading insurance/reinsurance companies of Asia. Asian Re suffered a large loss from the Thailand mega floods of 2011. It successfully paid up the losses and recapitalised, and is on its way to widening its network and presence in the region.