Lloyd's has announced it received a license from Chinese regulators to begin operations for its new reinsurance company in Shanghai, Lloyd's Reinsurance Company China Limited (LRCCL).
In its statement yesterday, Lloyd's said the license approved by the China Insurance Regulatory Commission (CIRC) will enable 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 Chinese reinsurance market.
The office's opening ceremony, which will be hosted by Lloyd's Chairman Peter Levene, will be held April 16 in Shanghai.
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