£50,000 donation to benefit 200 children in Yunnan province

Lloyd’s today announced that it is to fund the building of a new primary school in Southern China.

The facilities will benefit 225 families in the village in Pingba, Laomeng in the province of Yunnan, who were forced to leave their homes and relocate because of flooding.

The 760,000 RMB (GBP 50,000) donation will provide a school for more than 200 children.

Lord Levene, Chairman of Lloyd’s said: “Lloyd’s recognises the importance of education in building the economic and social infrastructure of a country and we are delighted to announce our partnership with China’s Ministry of Foreign Affairs to build a school in Yunnan.

“A good basic education is fundamental to the life blood of any community and Lloyd’s believes the new school will make a meaningful and long-lasting contribution to the lives of children in Yunnan.”

The administration of the school will be overseen by China’s Ministry of Foreign Affairs (MOFA) who began to raise funds for the people of the remote and poor province of Yunnan in 1992. Construction of the school will begin shortly and is expected to be completed in the summer of 2008.

Lloyd’s has a long history with China and received formal licence approval from the China’s Insurance Regulatory Commission (CIRC) to open an onshore reinsurance company in Shanghai in April this year. Before gaining permission to underwrite onshore reinsurance business, Lloyd’s had been providing offshore reinsurance to China for over three decades.