Lloyd’s Issues First Direct Insurance Policy in China

Lloyd’s announced that it has issued its first direct insurance policy in China through its fully owned subsidiary – Lloyd’s Insurance Company (China) Limited, in a move which “marks the next step in its strategy to become a major provider of specialist insurance and reinsurance in the region.”

Lloyd’s China’s four managing agents – Travelers, Starr, Sportscover and Navigators – “will begin underwriting directors & officers, marine cargo and sports contingency insurance, with more managing agents and products expected in the future.”

Lloyd’s Chairman Lord Levene commented: “We are delighted to be taking the next step on our journey into China and marking another historic milestone for Lloyd’s. We see Asia as crucial to our development this century and hope it will mirror the success of our venture into America last century. ‘

Chairman and CEO of Lloyd’s China Eric Gao described the first direct policy as a “small but important step for Lloyd’s China. Reinsurance will continue to be our main source of business for some time, but there is huge potential for our insurance business. Lloyd’s expertise and capacity can support the growth of financial centers such as Shanghai as we allow companies to offset their risks as they grow their business.’

Source: Lloyd’s of London