NU Online News Service, May 19, 3:00 p.m. EDT
|Lloyd's China received approval to write direct insurance inChina, Lloyd's announced on its website.
|The China Insurance Regulatory Commission (CIRC) granted thelicense, the company said, and Lloyd's chairman, Lord Peter Levene,made the announcement at the United Kingdom Pavilion at the WorldExpo in Shanghai.
|Lord Levene said, "This is a very significant development forboth Lloyd's and the Chinese insurance market. We are most gratefulto the CIRC for their help and to the Shanghai MunicipalGovernment. This will be a further important building block in thedevelopment of Shanghai as a major international financial andmaritime centre."
|Lloyd's China already has a reinsurance license, the companysaid.
|A Lloyd's representative said no further information wasavailable at this time.
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