China Re is set to become the first insurer from the world’s second largest economy to own a Lloyd’s of London syndicate.
The Asian giant has been handed a licence by the 326-year-old market to underwrite about £120 million in premiums next year. The move is part of its tie-up with Catlin, which will manage the vehicle.
Dr Li Peiyu, chairman of China Re, said: “The new stand-alone syndicate will further raise awareness of the China Re brand in the Lloyd’s market.
"Our long-term strategy is to increase our activities in the international markets, and we look forward to working with international clients and their brokers placing business in the Lloyd’s market.”
Today’s news is the latest sign of globalisation within the Lloyd’s market, which already has syndicates run by Australian, Europe, Japanese and US companies. Lloyd’s Lord Roger’s designed building is currently owned by another Chinese insurer Ping Ang.
A spokesman for Lloyd’s said: “We are delighted to welcome China Re to the Lloyd’s market as the first Chinese-owned syndicate. This is great news for the Lloyd's market. China Re's presence adds to the diversity of our business, people and capital, which is integral to realising Vision 2025.”
