Lloyd's announced it has received approval to establish anon-shore reinsurance operation in China.

The insurance market said the on-shore license will give it astrategic foothold in one of the world's fastest developinginsurance territories. It would enable Lloyd's to reinsure localinsurance business, which currently comprises nearly 90 percent ofthe total Chinese market. It would also provide Chinese insurerswith full access to the Lloyd's market.

The announcement was made by Chinese President Hu Jintao duringa state visit to the U.K.

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