Lloyd’s China operation officially opens
A host of dignitaries joined Lloyd’s Chairman Lord Levene today as the world’s leading specialist insurance market marked the official opening of its new reinsurance operation in China.
Lord Levene hosted a special ceremony in which he and Shanghai Vice Mayor Feng dotted the eyes to complete the painting of a dragon to officially declare the new operation open at its office in the Azia Centre in the Pudong District of Shanghai.
The ceremony was attended by Sir William Ehrman, British Ambassador in Beijing, Andrew Cahn, Chief Executive of UK Trade & Investment, and a number of representatives from British and Chinese business and government.
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:
“On behalf of the Shanghai Municipal People’s Government, I would like to extend my warmest congratulations on the opening of Lloyd’s Reinsurance Company (China) Ltd (LRCCL). Today, Lloyd’s official launch of its Chinese operation in Shanghai once again demonstrates the commitment and investment of Lloyd’s to China. We sincerely hope and firmly believe that Lloyd’s will bring its world leading insurance concept, advanced underwriting skills and strong connectivity to a broad market, to Shanghai and to China and to help Chinese companies better manage their risks in the world.”
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.”
Last month, Lloyd’s received regulatory approval to begin operations for its new reinsurance company in Shanghai, Lloyd’s Reinsurance Company China Limited (LRCCL).
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.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.