Lloyd's has announced plans to open an office in the Chinese capital of Beijing before the end of the year.

The Chinese authorities granted approval for the new office this week and Lloyd's chairman Max Taylor will visit Beijing on November 28.

Taylor said: "The Chinese market is extremely important for Lloyd's. We have been writing reinsurance in the country since the 1970s.

"This approval for us to open an office in Beijing will further strengthen our presence and allow us to build closer links with regulators, officials and the Chinese market. It will also let us develop and refine our future strategy."