| Lloyd's launches business in China |
| Tuesday,April 17,2007 Posted: 17:40 BJT(0940 GMT) chinaview |
BEIJING, April 17 -- Lloyd's, one of the five biggest reinsurance providers in the world, opened its first full-fledged China operation in Shanghai Monday. Feng Guoqin, vice-mayor of Shanghai, said at the opening ceremony that the presence of the renowned insurance institution could help the growth of the industry in the city and enhance its status as a financial center. "Shanghai needs to greatly develop the reinsurance market in carrying out the 11th five-year financial plan," he said. Lloyd's China is organized as a corporation rather than the market model under which it conduct its business in other countries and regions around the world. As a legal entity in China, Lloyd's can sell insurance policies directly to clients, including brokers and insurance companies, and resell those policies to 66 syndicates around the world. Through this arrangement, "our China business will replicate what we do in London here in Shanghai", said Lord Levene of Portsoken, chairman of Lloyd's China. "And we will continue to develop the model in other countries if it proves to be successful." Levene added that China will be an important part of its strategy to double business in Asia "from 10 percent to at least 20 percent of the total business". Lloyd's China will provide Lloyd's underwriters reinsurance with solutions for big and complex risks. "We are now discussing with the Chinese government for the reinsurance of the 2008 Olympic Games," Levene said. The China operation is committed to the long-term development of the non-life sector, and the trading currency in China is the renminbi, according to Levene. The United States is currently the biggest market for Lloyd's, but Levene said China will "develop at a more brisk speed, swiftly but carefully". A total of 16 syndicates have invested in Lloyd's China. The government granted Lloyd's an operating license in March. (Source: China Daily) |
| (Source: English Site of Lagos) |
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