Lloyd’s announced the official opening of its Chinese reinsurance operations (See IJ web site April 3 and April 25, 2006) at a ceremony attended by “a host of dignitaries,” including Lloyd’s Chairman Lord Levene.
He presided over a “special ceremony in which he and Shanghai Vice Mayor Feng dotted the eyes to complete the painting of a dragon to officially declare the new operation open at its office in the Azia Centre in the Pudong District of Shanghai,” said the announcement. “The ceremony was attended by Sir William Ehrman, British Ambassador in Beijing, Andrew Cahn, Chief Executive of UK Trade & Investment, and a number of representatives from British and Chinese business and government.”
Levene called the occasion “a significant day in Lloyd’s history,” and indicated that Lloyd’s welcomed the “opportunity to become a small part, at least initially, of China’s huge success story. We hope that the opening of the office will mark the start of a very long and mutually profitable cooperation between China and Lloyds.”
Vice Mayor Feng stated: “On behalf of the Shanghai Municipal People’s Government, I would like to extend my warmest congratulations on the opening of Lloyd’s Reinsurance Company (China) Ltd. (LRCCL). Today, Lloyd’s official launch of its Chinese operation in Shanghai once again demonstrates the commitment and investment of Lloyd’s to China. We sincerely hope and firmly believe that Lloyd’s will bring its world leading insurance concept, advanced underwriting skills and strong connectivity to a broad market, to Shanghai and to China and to help Chinese companies better manage their risks in the world.”
Cahn observed that the occasion marked “an excellent outcome for the UK in promoting the unique strengths and advantages that established and world renowned City institutions like Lloyd’s can offer to rapidly expanding economies like China’s. It also strengthens the UK’s already deep commitment to China as a trading partner.”
Lloyd’s received regulatory approval to begin operations for its new reinsurance company in Shanghai – Lloyd’s Reinsurance Company China Limited (LRCCL) – in March. “The license enables Lloyd’s to underwrite onshore reinsurance business throughout China,” said the bulletin. “It will provide Chinese insurers with full access to the Lloyd’s market and give Lloyd’s improved access to the rapidly developing Chinese reinsurance market.”
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