Gordon Brown, The UK’s Chancellor of the Exchequer (Finance Minister) and odds-on favorite to succeed Tony Blair as Prime Minister, has apparently come away with some success during his working visit to India.
Despite being somewhat overshadowed by the controversy over potentially racist remarks made about an Indian actress on the UK’s “Big Brother” TV show, Brown made some news with the announcement that he has convinced the Indian government to further open its markets to British investment and the insurance industry.
The accomplishment brought the following words of praise from Lloyd’s Chairman Lord Peter Levene: “We are very pleased to learn of the important measures that the Government of India is proposing to introduce, as conveyed to The Chancellor of the Exchequer by the Indian Finance Minister today. Their successful introduction would provide India with much greater access to the significant expertise and experience which our underwriters have in handling specialist risks.
“Together with our success in obtaining an onshore reinsurance license in China, this would represent another very substantial step forward for Lloyd’s. The growth of non-life premia in India has outstripped average global rates for the past decade, therefore the potential addition of such a fast growing market is an outcome we have long awaited.”
Topics Excess Surplus Lloyd's
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