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Member, Beacon International Group, Ltd.
SHANGHAI, China Lloyd's of London is to start trading from its Shanghai office on April 16, having received a license in March from the Chinese regulators to launch a reinsurance operation, Lloyd's Reinsurance Company China Ltd., in the country.
The company will use Xchanging's processing software, Genius, as its main reinsurance system in China. It will allow users to log on as either a Chinese- or English-speaking user, and to view screens, and to develop reports in the appropriate language.
Lloyd's has also bought a global license from RI3K, the internet trading service, that is designed to enable business "to be placed in an efficient, cost-effective and secure manner." As part of this deal, Lloyd's has negotiated a license to use RI3K's internet service to write and place business in other territories.
The Shanghai office will also use an electronic "filing cabinet," the London Market's Insurers Market Repository, to allow claims and premiums to be handled without the use of paper files.