[Bloomberg News]China Re Gains Approval for Underwriter at Lloyd’s
China Reinsurance (Group) Corp. gained approval to become the nation’s first reinsurer to operate a unit to underwrite a range of risks at the Lloyd’s of London insurance market.
China Re Syndicate, a division of the country’s largest reinsurer, will be managed by Catlin Group Ltd. (CGL) and underwrite about 120 million pounds ($188 million) of premiums in 2015, Catlin said in a statement today.
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.
“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 in the statement.