Lloyd’s showcases China office
Lloyd's welcomed British Secretary of State for Trade and Industry Alistair Darling to the Shanghai office of its Lloyd's Reinsurance Company (China) Ltd venture last week, although it is still waiting for regulatory approval before trading can begin.
The Chinese operation has not yet received a licence to trade from the China Insurance Regulatory Commission. However, Lloyd’s chairman Lord Levene said he hoped the company would be trading by the start of next year.
Last November, the Society received a provisional licence from the China Insurance Regulatory Commission to establish an onshore reinsurance company and was given a year to submit a business plan on how it would be constructed.
The decision was heralded by Lloyd’s as a vindication of its chairman Lord Levene’s lobbying of the Chinese authorities which included a meeting last year with the mayor of Shanghai, Han Zheng.
Lord Levene also met the Chinese President Hu Jintao during his State visit to the UK last November – an occasion which coincided with the announcement of the provisional licence.
Separately, Allianz China Life announced on 4 November that it had established its fourth provincial branch in China, the Sichuan branch opened to service the central western regions of the country.
Christian Molt, CEO of Allianz China Life, commented: “China is playing an increasingly important role as a location for multinational companies that produce for the world market. An early presence in Sichuan province is strategically important for the company. We see Sichuan as a key market to be in and this also gives us the opportunity to support local economic development whilst adding insurance expertise to Central and West China.”