Lloyd’s new branch office in Beijing will allow the market to enhance the services it supplies to the Chinese market and allow it to access what it calls the significant local talent pool.
Last week, the Chancellor of the Exchequer, George Osborne and the Chinese Vice Premier, Ma Kai announced that the Chinese Government has granted Lloyd’s China permission to open 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.
Lloyd’s was granted a reinsurance company licence in China in 2007, with that licence being extended for direct business in Shanghai only in 2010.
Eric Gao, chief executive officer of Lloyd’s China, said: “Following on from the success of the Lloyd’s platform in Shanghai, Lloyd’s has worked closely with the Chinese authorities to establish a branch in Beijing and an underwriting presence for Lloyd’s in the political centre of China.
“The growth of Lloyd’s in China is an important target of Lloyd’s Vision 2025 strategy. The establishment of a branch in Beijing will support Lloyd’s development in China and extend the service that we provide to the Chinese insurance industry and economy to Beijing; enhancing our brand recognition and access to the significant local talent pool there.
Lloyd’s chairman, John Nelson, 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 long standing 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."
Lloyd's, Asia-Pacific, Eric Gao, John Nelson