Mapfre Re grows in APAC
Javier San Basilio, regional director
Europe at Mapfre Re, said the
reinsurer sees its future in building
partnerships and relationships with clients.
In the US it is partnering with small and
medium-sized companies to provide them
with access to Mapfre’s knowledge and
The reinsurer is looking at ways to grow
while limiting catastrophe exposure and it is
not active in casualty lines in the region. “We
are not opportunistic,” San Basilio added.
Commenting further on the reinsurer’s
decision not to provide casualty cover he
said part of the reason was that the business
“did not want to build false expectations for
“While we provide a wide array of services,
we cannot provide everything for everyone
“Asia-Pacific has been a driver of growth for
the last few years,” he told Baden-Baden Today
as he highlighted the firm’s work in Singapore
and Tokyo to build long-term partnerships.
“The culture in Asia-Pacific is like ours in
terms of building long-term relationships, so
we understand each other,” he added.
An important topic at the reinsurance
event has been the recent typhoons in
Japan. San Basilio acknowledged that they
were severe but said that the appetite for
reinsurance businesses in Japan is still there.
“Of course we have to control costs, prices
and capacity, but the relationship with clients
there is strong.”
Retro has also been a big talking point at
San Basilio said: “Mapfre buys a lot of retro
and we know how tough the retro market can
be and is now. For primary insurers, prices in
most areas are getting harder and reinsurers
are dealing with that.
“If you scratch the surface a little you
see margins are thinning. This puts a lot of
pressure on results. In some ways it is a good
thing because we have to focus on improving
underwriting and improving the technical
“It can be difficult to tell a client who has
been getting good results that prices have to
harden,” he concluded. l
Javier San Basilio
2 MC Today News