CBI member Lloyd’s signed a Memorandum of Understanding (MOU) with China Taiping Insurance, one of China’s leading insurance companies.
The agreement commits both parties to collaborate in the development of Chinese and global insurance markets and for Lloyd’s to support Taiping Reinsurance Company to establish a Lloyd’s syndicate and Taiping Reinsurance Brokers Ltd. to become a Lloyd’s registered broker.
John Nelson, Lloyd’s Chairman, said, “I am delighted to welcome China Taiping Insurance to Lloyd’s today and pledge our commitment to building a strong and lasting business relationship in the future. For centuries Lloyd’s has been the global hub for specialist insurance and reinsurance and by seeking out new business partners and further internationalising our capital base, our aim is to reinforce our global position.”
The Chairman emphasised the importance of China to Lloyd's future strategy, stating, “This Memorandum of Understanding will enable us to deepen our understanding of the market and improve the support we are able to provide, as well as having the mutual benefit of sharing respective knowledge and expertise.”
Mr. Wang Bin, Chairman of China Taiping, said, “The establishment of the cooperative relationship with Lloyds’ is a significant strategy for China Taiping to elevate its internalisation and build its industrial chain, strengthen its reinsurance business capability, and expand our overseas business network.”
During their visit to Lloyd’s, the China Taiping delegation were given a brief tour of the Underwriting Room and met with a number of underwriters including Talbot, Tokio Marine Kiln Syndicates, and David Reeves, the CEO of Barbican.
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