Lloyd's announced it has received approval to establish an on-shore reinsurance operation in China.
The insurance market said the on-shore license will give it a strategic foothold in one of the world's fastest developing insurance territories. It would enable Lloyd's to reinsure local insurance business, which currently comprises nearly 90 percent of the total Chinese market. It would also provide Chinese insurers with full access to the Lloyd's market.
The announcement was made by Chinese President Hu Jintao during a state visit to the U.K.
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