Lloyd's is establishing on onshore reinsurance operation in Shanghai, named Lloyd's Reinsurance Company (China) Ltd.
Lloyd's chairman, Lord Levene, said: "We decided to base the operation in Shanghai because of its importance as a major financial centre in the rapidly growing Chinese economy. Our operation there will complement the work of our existing office in Beijing, which has been building strong relationships in China for six years. We look forward to continuing our work with the Chinese authorities to get the new operation up and running in the autumn."
Paul Swain, chairman of Lloyd's China strategic steering group and deputy chairman of Catlin, said: "This is a significant move for Lloyd's. Shanghai is a city that echoes the financial and commercial growth of the country as a whole. It is important for Lloyd's to be based at the heart of such a vibrant business centre while also maintaining its important relationships in Beijing through its representative office."
