On July 1, 2024, the Beijing branch of MAPFRE RE, a Spanish company, received approval from China's National Financial Regulatory Administration to commence operations with a registered capital of CNY 500 million. The branch will offer reinsurance services in property insurance, short-term health insurance, accident insurance, and life insurance. Established in 1986 and headquartered in Madrid, Spain, MAPFRE RE specializes in life and non-life reinsurance and is recognized as a global professional reinsurance company.

The number of reinsurance institutions in China has reached 15, with the number of foreign-invested reinsurance companies increasing to nine, including Munich Re's Beijing branch, General Reinsurance AG's Shanghai branch, RGA's Shanghai branch, Korean Re's Shanghai branch, SCOR SE's Beijing branch, Hannover Rück SE's Shanghai branch, Swiss Re's Beijing branch, XL Reinsurance (China) Co., Ltd., and MAPFRE RE's Beijing branch.