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SHANGHAI, China The Chinese Regulatory Commission has licensed Lloyd's of London's Chinese operation.
Shanghai, China-based Lloyd's Reinsurance Company China Ltd. will enable Lloyd's to underwrite onshore reinsurance business across the country as well as giving the Lloyd's improved access to the Chinese reinsurance market, Lloyd's said. At the same time, it will give Chinese insurers access to the Lloyd's market, it added.
"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," said Lord Peter Levene, Lloyd's chairman. "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."