UK-based specialist insurance market Lloyd's has received the formal license document needed to begin operations for its new reinsurance company, Lloyd's Reinsurance Company China Limited, in Shanghai.
<p>The license, which was approved by the China Insurance Regulatory Commission, will enable Lloyd's to underwrite onshore reinsurance business throughout China. It will provide Chinese insurers with full access to the Lloyd's market and give Lloyd's improved access to the rapidly developing Chinese reinsurance market. <br /><br />Lloyd's reinsurance operation in China will enable us to expand our global footprint and support one of the fastest growing economies in the world, commented Lloyd's chairman Lord Levene.<br /><br />Lloyd's has a long relationship with the Chinese insurance market and has supported Chinese insurers by providing offshore reinsurance capacity for over three decades, he continued. Our new operation will enable Lloyd's underwriters to develop a stronger relationship with Chinese insurers and provide them with the additional capacity to support their rapid growth. <br /><br />The opening ceremony for Lloyd's Reinsurance Company China Limited will be held on April 16, 2007 in Shanghai.</p>