
May
24
Lloyd's gets direct insurance license in China
Posted on May 24, 2010 by Sergio Ulloa (G+)
Lloyd's China has received approval from the China Insurance Regulatory Commission to broaden its business activities, including a license with which to write direct insurance policies. Prior to obtaining approval for engaging in direct insurance business, Lloyd's was limited to reinsurance through Lloyd's Reinsurance Company (China). The new license allows Lloyd's to expand beyond their current business of providing product solutions and increasing business capacity through their reinsurance products into products which may become available for brokers to sell to consumers. The news was announced by the Lord Peter Levene, the Chairman of Lloyd's at the UK Pavilion in the World Expo in Shanghai, who said that "This is a very significant development for both Lloyd's and the Chinese insurance market. We are most grateful to the CIRC for their help and to the Shanghai Municipal Government. This will be a further important building block in the development of Shanghai as a major international financial and maritime centre." Lloyd's is not the only foreign reinsurer to see growth in China recently, as Scor SE received a composite insurance license in April from the CIRC which allows it to expand its reinsurance business to encompass life and health insurance in addition to their non-life business offerings. Insurance Companies Mentioned: Lloyd's
