Standard & Poor's Ratings Services said today it assigned its "A" long-term insurer financial strength rating to Lloyd's newly approved Chinese reinsurance subsidiary and the outlook is positive.
The rating went to Lloyd's Reinsurance Co. China Ltd., an underwriting subsidiary of U.K.-based Corporation of Lloyd's, the organization that oversees the London-based Lloyd's insurance market.
Lloyd's announced two weeks ago that the China Insurance Regulatory Commission had approved a license to underwrite onshore reinsurance business throughout China.
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