TMK and Lloyd’s to offer infringement protection in China
Tokio Marine Kiln and Lloyd’s have signed a memorandum of understanding (MoU) with the PICC Property and Catastrophe Company (PICC P&C) to provide intellectual property (IP) infringement liability insurance in China.
The deal ensures that PICC’s domestic clients will have access to enhanced IP infringement protection when operating overseas. TMK will provide its technical underwriting expertise and product structuring assistance to PICC through the Lloyd’s Insurance Company (China) as part of a non-exclusive license agreement.
The signing took place at a ceremony in Beijing which was attended by Inga Beale, chief executive officer (CEO), Lloyd’s, Wang Yueshu, chairman of the supervisory committee, PICC, Eric Gao, chairman and CEO, Lloyd’s China and Roger Bickmore, group strategic development director, TMK.
“Chinese businesses have a growing volume of intellectual property and like all companies they want to protect that, especially when operating in foreign markets where the rules and environment are different,” said Ian Lewis, intellectual property underwriter at TMK.
“TMK has extensive experience in insuring IP and we are delighted to partner with PICC to help their clients in this field.”
Roger Bickmore, group strategic development director, TMK, added: “China is a key market for our business and our growth strategy for the country has been to partner with local firms; we provide the technical expertise and our counterparts offer the local know-how and distribution channels.
“This deal with the PICC is an example of that strategy in action. We look forward to working closely with them in the future to increase the range of specialist products available to Chinese businesses.”
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