London’s Lord Mayor has backed Lloyd’s move to set up an onshore reinsurance operation in China, calling the country “a tremendous opportunity for the insurance sector.”
An article on the Lloyd’s Website (www.lloyds.com.) notes that, “Alderman David Brewer, a former Lloyd’s broker with Sedgwick, said that it was ‘wholly right’ that Lloyd’s should operate there.” He also indicated that during his year in office he plans to raise the profile of the insurance market and its role within the City of London.
“I have always thought banking tends to get all the attention. I will be looking to fly the flag for the insurance market,” Brewer told Lloyd’s.
The office of Lord Mayor should not be confused with the elected mayor of London. The popular and frequently controversial Ken Livingston currently occupies that post. The Lord Mayor is a ceremonial position stretching back centuries. Brewer is the 678th Lord Mayor of London. He is also the Honorary Treasurer and a board member of the China-Britain Council. As such he has close links with both China and the Lloyd’s market. He was part of the delegation that accompanied former Lloyd’s Chairman Peter Miller when he became the first market chairman to visit China in March this year. .
“In London, we have the world’s leading international insurance market,” Brewer stated, “and during my visits across China, I have met companies and local provisional governments who are keen to work with the City of London to develop financial services centers.
“China is starting to realize its potential, Since the country joined the World Trade Organization, it has progressed with the commitments it has made on trade and I have always believed that it is a tremendous opportunity for the insurance sector.”
He added: “My year will be spent working to build on our existing relationships, and working with companies and markets such as Lloyd’s to ensure we play our full part in the establishment of new financial products and services to China and other emerging markets across the world.”
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