London-Based Insurer Eyes China's General Insurance Market

To tap business opportunities in the world's fastest-growing economy, Lloyd's of London plans to penetrate the big-ticket general insurance market of mainland China, reveals the South China Morning Post.

 

Quoting Chairman Peter Levene, the Post says the 300-year-old London-based insurer would apply for a general insurance licence on the mainland, where it has conducted a reinsurance business for some years, to expand its business scope.

 

According to the Post, Lloyd's currently operates in Hong Kong with a general insurance licence, offering property, marine and liability cover. Last year, it underwrote US$150.9 million in insurance from Hong Kong, up 18.8% on 2007.
 

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