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&#0039;s to underwrite onshore reinsurance business throughout China. It will provide Chinese insurers with full access to the Lloyd&#0039;s market and give Lloyd&#0039;s improved access to the rapidly developing Chinese reinsurance market. <br /><br />Lloyd&#0039;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&#0039;s chairman Lord Levene.<br /><br />Lloyd&#0039;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&#0039;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&#0039;s Reinsurance Company China Limited will be held on April 16, 2007 in Shanghai.</p>