MAPFRE Re, the reinsurance arm of Spanish insurer MAPFRE, has selected Chaturbhuj Bansal to head its India branch, with the appointment pending regulatory clearance. The move strengthens the company’s plans to deepen its position in India and expand its reach in a market regarded as one of the world’s most active reinsurance environments.
The India branch was launched in February 2026 in Gujarat International Finance Tec-City (GIFT City) after receiving approval from the International Financial Services Centres Authority (IFSCA). By placing leadership on the ground, MAPFRE Re is advancing its regional strategy and improving access to clients and broker partners across the country and the broader Asia-Pacific market.
Strategic Expansion in India
According to the company, this leadership appointment is an important step in its Asia-Pacific growth agenda. MAPFRE Re aims to build a stronger local presence, allowing it to work more closely with market participants while reinforcing its long-term commitment to India.
Bansal will operate from GIFT City and brings more than 16 years of insurance and reinsurance experience spanning underwriting and risk management. His professional background includes extensive exposure to both the Indian market and the wider Asia-Pacific region, positioning him well for the new role.
Experience Brought to the Role
Before joining MAPFRE Re, Bansal spent 13 years at Swiss Re, where he held several senior responsibilities. Most recently, he served as Director and Head of Property & Casualty Treaty Underwriting Advisory, contributing expertise developed through assignments in both Singapore and India.
His appointment represents a significant milestone for MAPFRE Re’s local expansion efforts and signals the company’s intention to further strengthen its presence in India’s developing reinsurance landscape.
