A bulletin from the Bermuda-based Catlin Group Limited, whose operating companies also do business from the UK, the U.S. and Lloyd’s, notes that its Lloyd’s Syndicate 2003 “is one of the inaugural participants in Lloyd’s new reinsurance operation in China, which opened 16 April in Shanghai” (See IJ web site April 17).
“Li Linmao, formerly a member of Catlin’s underwriting staff in London, has been seconded to Lloyd’s Reinsurance Company (China) Ltd. (‘LRCCL’), the new Lloyd’s operation,” the announcement said. “The Catlin Syndicate, which is the largest syndicate at Lloyd’s in terms of premium capacity, will actively operate as part of LRCCL, underwriting reinsurance business placed through the new company.”
With the opening of LRCCL, Catlin, along with other Lloyd’s syndicates, will be able to “underwrite onshore reinsurance business throughout China,” the bulletin continued. “It will provide Chinese insurers with full access to the Lloyd’s market and give Lloyd’s improved access to the rapidly developing Chinese reinsurance market.
“Lloyd’s has had a long relationship with the Chinese insurance market and has supported Chinese insurers by providing offshore reinsurance capacity in areas such as marine and aviation for over three decades.”
Chief Executive Stephen Catlin commented: “We are very proud to be one of the few Lloyd’s syndicates to establish operations in Shanghai concurrent with the opening of Lloyd’s Reinsurance Company (China) Ltd. Our presence in Shanghai complements Catlin’s existing Asian offices in Hong Kong, Singapore and Kuala Lumpur and is part of Catlin’s strategy to work as closely as possible with local brokers and their clients.”
Catlin and other executives from the group participated in the official opening of LRCCL.
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