Lloyd's welcomes India's move to open up

LONDON—Lloyd's of London has welcomed indications from India's finance ministry that the country may open up further to investment from overseas insurers.

U.K. Chancellor of the Exchequer Gordon Brown, who currently is on a tour to India, said that the Indian Finance Minister has indicated that the government is likely to propose increasing the amount that foreign companies can invest in insurance joint ventures to 49% from 26%.

Lord Peter Levene, chairman of Lloyd's, welcomed the news.

"We are very pleased to learn of the important measures that the government of India is proposing to introduce," he said in a statement.

He added that Lloyd's has long-awaited the further opening up of the Indian insurance market.