Lloyd’s opened a branch office in Beijing last month to access new business and forge closer links with business partners in China’s capital. The China platform is expected to double its current business written of CNY450 million (US$72 million) in 2015, Lloyd’s Chairman John Nelson said in a media interview with Asia Insurance Review.
In total and across the different platforms, Lloyd’s writes about US$400 million of Chinese business.
The China platform is growing in strength and size, with the number of syndicates on the platform growing from four in 2007 to 22 today.
“While the developed countries account for the majority of our business in Lloyd’s – 40% of our business is from the US – we see China as the single largest long term growth opportunity for Lloyd’s,” said Mr Nelson.
Not aiming to compete with domestic insurers
Lloyd’s is not necessarily aiming to compete with domestic insurers. It aims to continue providing, in particular, reinsurance and expertise for the highly specialised risks that it underwrites, and complement domestic insurers such as through the development of new products, he added.
It was also announced that Mr Chen Songlin, who joined Lloyd’s two years ago as Beijing Chief Representative, has been appointed as General Manager of the Beijing Branch. He will be responsible for Lloyd’s business development activities in the city, and maintaining and enhancing local trading rights.
Mr Eric Gao, CEO of Lloyd’s China, said: “Having a presence in Beijing will consolidate the excellent relations we already have with the China market and help us to develop new ones.”
Under the new branch licence, Lloyd’s will be able to provide non-life insurance and reinsurance services within the Beijing municipal administrative region.