CBI member Lloyd's of London recently announced that the Chinese government had awarded Lloyd's China a licence to establish a branch office in Beijing, which will enhance local access to international specialist (re)insurance expertise.
As part of Lloyd's Vision 2025, Lloyd's has made a commitment to expand further into the world's fastest-growing economies like China. This announcement is a significant step forward to achieving this goal.
John Nelson, Chairman of Lloyd's, said, "We are very pleased to note the announcement by the Chinese government regarding the award to Lloyd's China of a licence to establish a branch office in Beijing. We will now be working closely with the Chinese regulators as the process progresses.
"China is an important market for Lloyd's, with huge growth potential. We have a longstanding relationship with China that spans many decades. We established a Lloyd's presence in Shanghai in 2007 and this new expansion into Beijing is part of our long term global growth strategy.
"Lloyd's underwriters in China are providing a range of innovative insurance products, including specialist marine cargo, renewable-energy technology, and agriculture lines."
Please click here to read the full press release by Lloyd's.