Lloyd’s expands China Re business

by Gill Montia

Story link: Lloyd’s expands China Re business

Lloyd’s has expanded its Chinese business with the addition of S A Meacock & Co, the managing agent.

The reinsurance operation, which was set up by Lloyd’s in April of this year, now has 11 members, with S A Meacock the latest agent to join the platform.

So far, the business has attracted many significant players in the specialist insurance industry and Ian Faragher, managing director of Lloyd’s China Re, is hopeful that that the number of managing agents will increase to 15 in the near future.

He also expects the four insurers operating from China to increase in number and has confirmed that Lloyd’s China Re is already being approached with the type of specialist risks that are synonymous with the name of Lloyd’s.

The business is an unusual venture for China and since its establishment earlier this year, Lloyd’s has made contact with local and international brokers operating throughout the country.

It has also run road shows to promote an understanding of how Lloyd’s China Re works and demonstrate the level of its financial strength.

However, the company does not expect its presence to be detrimental to the local insurance industry.

According to Mr Faragher, the Chinese market is very competitive and where local companies can cover risks he expects them to do so.

Lloyds China Re is for those who have a risk they don’t quite know what to do with.