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LONDON—China Reinsurance (Group) Corp. and Catlin Group Ltd. announced a partnership Friday in which the state-owned Chinese reinsurance group will provide capital to establish a Lloyd’s of London syndicate managed by Catlin.
Syndicate 2088 will underwrite quota-share reinsurance effective Jan. 1, 2012, with capacity of about £50 million ($80.4 million) for Catlin syndicate 2003, which underwrites insurance and reinsurance business, the companies said in a statement.
Catlin said the partnership, which remains subject to final approval by Lloyd’s, will allow Bermuda-based Catlin to increase its premium volume next year without seeking additional capital from existing shareholders.
Syndicate 2088 marks the first time a company based in China has invested directly in a Lloyd’s syndicate, the companies said in the statement.
LONDON (Reuters)—The Lloyd's of London insurance market will this week report a half-year loss of £1.5 billion ($2.37 billion) after absorbing a record surge in natural catastrophe claims, according to an estimate from audit firm Mazars Group.