Mapfre Global Risks,a Spain-based financial and insurance services provider,has established a new representative office in Milan,to serve the entire Italian market.

Located in centre of Milan's financial district,the new office will be managed by Francesco Prestifilippo.

The opening complements its ongoing development and expansion plans,besides strengthening its structure in the European market,according to the company.

Speaking during the inauguration,Mapfre Global Risks chairman Alfredo Castelo said the company's primary goal is to become a major player in the Italian global risk sector.

The company also noted that the key factors responsible for the expansion include its experience in Europe,the ability to offer customized solutions for international insurance schemes,as well as the opportunities offered by the region's market.

Mapfre Global Risks has developed its European customer base since 2007,through its offices in the UK,Germany and France.

The firm is a provider of motor insurance,home,health,life,retirement,accidents,death and assistance insurance,third party liability,engineering and construction insurance,marine and aviation insurance.