Lloyd’s of London has officially opened its new reinsurance operation in China – Lloyd’s Reinsurance Company (China) Ltd (LRCCL). The office is in the Azia Centre in the Pudong District of Shanghai.
Lloyd’s chairman, Lord Levene, said: “This is a significant day in Lloyd’s history. We greatly appreciate the opportunity to become a small part, at least initially, of China’s huge success story. We hope that the opening of the office will mark the start of a very long and mutually profitable cooperation between China and Lloyds.”
Vice Mayor Feng said:
Andrew Cahn, chief executive of UK Trade & Investment, the organisation leading the UK government’s promotional strategy for UK financial services, said: “The opening of this Shanghai office is an excellent outcome for the UK in promoting the unique strengths and advantages that established and world renowned City institutions like Lloyd’s can offer to rapidly expanding economies like China’s. It also strengthens the UK’s already deep commitment to China as a trading partner.
“The UK and Chinese Governments have worked together in partnership at all levels with Lloyd’s over the past few years to establish Lloyd’s in China, and we are delighted that the country’s rapidly expanding economy can now benefit, and be supported by Lloyd’s to meet the challenges of globalisation.”
The licence enables Lloyd’s to underwrite onshore reinsurance business throughout China. It will provide Chinese insurers with full access to the Lloyd’s market and give Lloyd’s improved access to the rapidly developing Chinese reinsurance market.