Lloyd’s full steam ahead for China venture
Lloyd’s has cleared the final hurdle for its new Asian operation, receiving the go-ahead from Chinese regulators for a reinsurance company.
Lloyd’s Reinsurance Company China Limited (LRCCL) will open on April 16 in Shanghai after the Chinese Insurance Regulatory Commission (CIRC) issued a licence last week. This will enable Lloyd’s to underwrite reinsurance business throughout China, providing local insurers with full access to the Lloyd’s market.
Lloyd’s will also gain improved access to the rapidly developing Chinese reinsurance market, one of 200 it now operates in.
Chairman Lord Levene said Lloyd’s could now work more effectively in China, where it has been providing offshore reinsurance for more than three decades.
Lloyd’s Reinsurance Company China Limited (LRCCL) will open on April 16 in Shanghai after the Chinese Insurance Regulatory Commission (CIRC) issued a licence last week. This will enable Lloyd’s to underwrite reinsurance business throughout China, providing local insurers with full access to the Lloyd’s market.
Lloyd’s will also gain improved access to the rapidly developing Chinese reinsurance market, one of 200 it now operates in.
Chairman Lord Levene said Lloyd’s could now work more effectively in China, where it has been providing offshore reinsurance for more than three decades.