“Lloyd’s China has been granted a license by the China Insurance Regulatory Commission (CIRC) to write direct insurance in addition to their existing reinsurance license,” said a bulletin on its web site (www.lloyds.com).
Lloyd’s Chairman Lord Levene announced the licensing in the UK Pavilion at the World Expo in Shanghai. “This is a very significant development for both Lloyd’s and the Chinese insurance market, ” he stated.
“We are most grateful to the CIRC for their help and to the Shanghai Municipal Government. This will be a further important building block in the development of Shanghai as a major international financial and maritime center.”
Source: Lloyd’s of London