Shanghai's international board for reinsurance trading has witnessed a surge in the establishment of reinsurance operation centers. Recently, three insurance companies, namely BOC Insurance, Taiping Reinsurance (China) Co Ltd, and AXA International Reinsurance (Shanghai) Co Ltd, received approval to set up reinsurance operation centers in Shanghai's Lin-gang Special Area. Since the first batch in August 2023, the number of approved reinsurance operation centers has risen to 19.

The reinsurance operation centers are a crucial way for insurance companies to participate in the international board for reinsurance trading in Shanghai. In August 2024, the National Financial Regulatory Administration of China and the Shanghai Municipal People's Government jointly issued a set of guidelines to accelerate the city's pace in becoming an international reinsurance hub, outlining support for the establishment of specialized reinsurance businesses, insurance brokers, and their branches or subsidiaries in Lin-gang Special Area.

AXA International Reinsurance (Shanghai) Co Ltd, or AXA International Re, the first foreign professional reinsurance company to establish such a center, cited three main reasons for choosing Lin-gang: favorable business policies, access to the Shanghai International Reinsurance Exchange for synchronized online and offline transactions, and convenience in cross-border renminbi settlement and data transmission.

The construction of the international board for reinsurance trading has been picking up steam since its official launch in June 2023. In October 2024, the Shanghai International Reinsurance Exchange Co Ltd, which serves as the core of the international board ecosystem, was officially established. With an increasing number of resident institutions and a rapidly growing volume of registered premiums, Shanghai is poised to become a world-class reinsurance hub, enhancing its competitiveness and influence as an international financial center.