27 November 2015 Insurance

Lloyd’s registers first Chinese insurance broker

Lloyd’s has registered its first Chinese insurance broker, liability and special risk insurance firm Shanghai Asian Insurance Brokers (SAIB).

SAIB said the approval reflects the relationship between Lloyd’s and SAIB, as well as the reflection of Lloyd’s focus on the Chinese market.

SAIB added that being registered as a Lloyd’s insurance broker is a” strong step into improving the comprehensive capacity” of the firm.

It said it will utilise the Lloyd’s platform to study the international market operation process, which will be beneficial to strengthen its expertise in overseas risk management, develop re/insurance professionals with global vision and accumulate technical skillsets in the globalisation of SAIB.

“With the progression of the global economy integration, many more local insurance intermediaries will step out of Chinese market and into Lloyd’s,” said the firm.

“SAIB has not only created a precedent for the local insurance firms in being registered as a Lloyd’s insurance broker, but also set a good example of engaging the competition in the international insurance and reinsurance market. This strategic step has aligned with focus on channelling local market with the international direct insurance and reinsurance practice.”

SAIB added that it will take the advantage of the easy and efficient communication with Lloyd’s China to promote business exchanges and increase its reinsurance business share in China.

“Lloyd’s is the top insurance and reinsurance market in the world,” said Bao Rongqing, chairman of SAIB.

“It is our great honour of being approved as the Lloyd’s insurance broker, which is consistent with our continuous development of the reinsurance brokerage business and will help accelerate our internationalisation and the establishment, improvement and optimization the corporate identity and brand.

“We would like to take this opportunity to express our sincere gratitude and appreciation to Lloyd’s China and the Broker Relationship Management of Lloyd’s for their great support and assistance in SAIB’s process of applying for the title of the Lloyd’s registered broker.”

Vincent Vandendael, global markets director at Lloyd’s, added: “Lloyd’s is committed to strengthening its relationships with Chinese brokers, and I welcome the opportunity to work with Shanghai Asian Insurance Brokers.

“It is a very positive step that Lloyd’s specialist underwriting expertise is available to Shanghai Asian Insurance Brokers’ customers, and we look forward to a successful and growing relationship.”

Eric Gao, chairman and chief executive officer, Lloyd’s China, said:  “I feel very pleased that Shanghai Asian Insurance Brokers has been approved to become the first Chinese Lloyd’s registered broker.

“This achievement is an excellent reflection of Lloyd’s Vision 2025 and one of the strategic priorities of increasing distribution relationships. I look forward to seeing more Chinese brokers go global and increase their international competitive capabilities via Lloyd’s platform.”

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