Lloyd's establishes Beijing branch

George Osborne, UK chancellor of the exchequer, together with the Chinese vice-premier Ma Kai, announced in September that the Chinese Government has awarded Lloyd’s China a licence to establish a branch office in Beijing, which will enhance local access to international specialist reinsurance expertise. Lloyd’s was granted a reinsurance company licence in China in 2007, with that licence being extended for direct business in Shanghai only in 2010. As part of Lloyd’s Vision 2025, Lloyd’s has made a commitment to expand further into the world’s fastest growing economies like China. John Nelson, chairman of Lloyd’s, said: “We are very pleased to note the announcement by the Chinese government regarding the award to Lloyd’s China of a licence to establish a branch office in Beijing. We will now be working closely with the Chinese regulators as the process progresses.” He continued: “China is an important market for Lloyd’s, with huge growth potential. Lloyd’s underwriters in China are providing a range of innovative insurance products including specialist marine cargo, renewable-energy technology and agriculture lines.”