Lloyd’s Insurance Company (China) Ltd is one of the best insurance companies in China. The company offers annuity products, pension schemes, life insurance and motor insurance. It’s one of the most trusted insurance companies in China.
It is the intention of Lloyd’s Insurance Company (China) Ltd (Lloyd’s China) to become one of the top providers of specialist insurance and reinsurance products for Chinese clients, and to provide them with the benefits of a competitive marketplace and the convenience of a single entity.
Lloyd’s China is a licensed P&C insurer based in Shanghai and Beijing which provides participating Lloyd’s syndicates a platform with which to access the Chinese (re)insurance market via the relevant underwriting division within Lloyd’s China. Risks can either be written 100% by one underwriting division or as subscription business to pool underwriting capacity amongst divisions. Access to Lloyd’s underwriters means that Lloyd’s China can offer world-class underwriting expertise in a wide range of business classes.
All the business underwritten by Lloyd’s China is fully protected by the Chain of Security at Lloyd’s; thus Lloyd‘s China enjoys the Lloyd’s market rating of AA- (Fitch Ratings), A+ (Standard & Poor’s) and A (A.M. Best).
- The History of Lloyd’s China
Lloyd’s Insurance Company (China) Limited (hereinafter referred as “Lloyd’s China”) is a wholly owned subsidiary of Lloyd’s, and is licensed to operate non-life insurance and reinsurance businesses in China.
Lloyd’s Reinsurance Company (China) Limited, was approved to commence reinsurance business operation by China Insurance Regulatory Commission (CIRC) in March 2007.
In May 2010, CIRC extended Lloyd’s China’s licence to include non-life direct insurance in the Shanghai region. In line with this expanded licence and in accordance with the regulations of CIRC, the company name was changed from Lloyd’s Reinsurance Company (China) Limited to Lloyd’s Insurance Company (China) Limited in October 2010.
The extended licence became operational in September 2011. Reinsurance continues to form the majority of business written by Lloyd’s China under the expanded licence, but the extended licence allows the market greater access to Chinese businesses and is an important long term development for Lloyd’s presence in China.
In February 2015, Lloyd’s China Beijing Branch was officially opened. Under the new branch license, Lloyd’s China is able to extend non-life insurance businesses to Beijing Municipal Administrative region.
Lloyd’s China milestones:
- Since 1970s, Lloyd’s has been providing reinsurance for China
- 11/2000, Set up Beijing Representative
- 03/2007, Established Lloyd’s Reinsurance Company (China) Limited
- 10/2010, Name changed to Lloyd’s Insurance Company (China) Limited
- 09/2011, Direct business became operational
- 09/2014, Capital increased to RMB 1bn
- 09/2014, Approved to set up Beijing Branch
- 02/2015, Lloyd’s China Beijing Branch officially opened