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China Re tritt dem Lloyd’s Versicherungssyndikats bei

25.11.2014 – china_hochhaueserDie China Reinsurance (Group) Corp tritt als erstes chinesisches Unternehmen zum 1. Januar 2015 dem Lloyd’s of London Versicherungssyndikat bei. China Re ist der größte Rückversicherer des Landes und soll von Catlin Underwriting Agencies Limited verwaltet werden.

Asia Insurance Review states:

The new syndicate provides China Re with a platform to access additional business to complement its existing portfolio of Chinese-based risks and to provide a London market presence to provide better service to existing international clients. In addition, the new syndicate will provide substantial benefits to the Lloyd’s market, including the potential for an increased flow of Chinese business and a greater understanding of Chinese risks.

China Re Syndicate (Syndicate 2088), a division of the country’s largest reinsurer, will be managed by Catlin Underwriting Agencies Limited, a subsidiary of Catlin Group Limited. It will start underwriting operations on 1 January 2015, Catlin said in a statement.

Li Peiyu, Chairman of China Re, said: “The new stand-alone China Re 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.”

Stephen Catlin, chief executive of Catlin Group Limited, said: “I am delighted that China Re has received permission to establish a Lloyd’s syndicate that will write open market business and that China Re has chosen Catlin to manage the syndicate from its outset. The syndicate further underscores Lloyd’s position as a leading market for international insurance and reinsurance business. We at Catlin look forward to continuing to work with China Re in the coming years to help build Syndicate 2088’s business portfolio.”

“The new syndicate will provide substantial benefits to the Lloyd’s market, including the potential for an increased flow of Chinese business and a greater understanding of Chinese risks,” Catlin said. The China Re syndicate is projected to underwrite premiums of approximately GBP120 million (US$188 million) in 2015.

Lloyd’s provided approval for China Re as the world’s oldest insurance market seeks to expand into developing markets as part of its Vision 2025 strategy. To create the new syndicate, China Re will transform its existing special purpose vehicle started in 2011 that provided reinsurance solely for Catlin. (vwh/td)

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