Lloyd's has today been given an on-shore licence to establish a reinsurance operation in China.

The licence will allow Lloyd's to reinsure local currency business, which currently comprises nearly 90% of the total Chinese market, as well as providing Chinese insurers with full access to the Lloyd's market.

Lloyd's chairman Lord Levene said: "Today marks a very important day in the history of Lloyd's. China is forecast to become the world's second biggest economy and will develop into one of the world's largest and most important insurance markets."

Lloyd's director, worldwide markets, Julian James, said: "Lloyd's has been supporting Chinese insurers with specialist reinsurance capacity and expertise for over three decades in areas such as marine, aviation, energy and nuclear power risks, but in a limited, off-shore capacity. This licence will now enable Lloyd's underwriters to develop a closer relationship with local insurers and provide them with the capacity to support the rapid growth of the domestic market."

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.