The world's leading specialist insurance market, Lloyd's of London, has officially launched its new reinsurance operation in China, with a special ceremony hosted by Lloyd's chairman Lord Levene.

The opening will allow 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.

The opening ceremony, which was also attended by Shanghai vice mayor Feng Guoqin, saw both representatives dot the eyes to complete the painting of a dragon to officially declare the new operation open at its office in the Azia Centre in the Pudong District of Shanghai.

Lord Levene, commented: This 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. We hope that the opening of the office will mark the start of a very long and mutually profitable cooperation between China and Lloyds.