Lloyd’s officially opens in China
After receiving regulatory approval for its new reinsurance company in Shanghai last month, Lloyd’s has officially commenced operations of Lloyd’s Reinsurance Company China Limited (LRCCL).
Lloyd’s Chairman Lord Levene and Shanghai Vice Mayor Feng officially opened the new reinsurance operation in the Pudong district of Shanghai yesterday.
The licence enables Lloyd’s to underwrite onshore reinsurance business throughout China. It will also provide Chinese insurers with full access to the Lloyd’s market and give Lloyd’s improved access to the rapidly developing Chinese reinsurance market.
The launching ceremony was attended by leading diplomats, business and government leaders. Included in the audience were new Lloyd’s CEO Richard Ward and Director of Worldwide Markets Julian James, who will leave Lloyd’s later this month.
Lord Levene says the opening of the China reinsurance operation is a significant day in Lloyd’s history. “We greatly appreciate the opportunity to become a small part, at least initially, of China’s huge success story.”
Lloyd’s Chairman Lord Levene and Shanghai Vice Mayor Feng officially opened the new reinsurance operation in the Pudong district of Shanghai yesterday.
The licence enables Lloyd’s to underwrite onshore reinsurance business throughout China. It will also provide Chinese insurers with full access to the Lloyd’s market and give Lloyd’s improved access to the rapidly developing Chinese reinsurance market.
The launching ceremony was attended by leading diplomats, business and government leaders. Included in the audience were new Lloyd’s CEO Richard Ward and Director of Worldwide Markets Julian James, who will leave Lloyd’s later this month.
Lord Levene says the opening of the China reinsurance operation is a significant day in Lloyd’s history. “We greatly appreciate the opportunity to become a small part, at least initially, of China’s huge success story.”