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Lloyd's of London and China Taiping Insurance Group Ltd. on Wednesday said they have signed a memorandum of understanding to establish a broader and closer relationship.
The agreement was signed during a visit by Wang Bin, chairman of Hong Kong-based China Taiping, to Lloyd's to coincide with Chinese President Xi Jinping's state visit to the United Kingdom.
Under the terms of the memorandum, Lloyd's and China Taiping will “commit to achieve complementary and collaborative development of local and global markets.”
Lloyd's said it would support China Taiping's reinsurance arm's effort to become a member of Lloyd's and establish a Lloyd's syndicate, as well as Taiping Reinsurance Brokers Ltd.'s initiative to become a registered Lloyd's broker.
For its part, China Taiping said it would support Lloyd's in developing and expanding its business with Chinese companies.
“China is an important part of Lloyd's future strategy, and this memorandum of understanding will enable us to deepen our understanding of the market and improve the support we are able to provide, as well as having the mutual benefit of sharing respective knowledge and expertise,” John Nelson, chairman of Lloyd's, said in a statement.
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