BEIJING (XFN-ASIA) - Lloyd's plans to expand its China reinsurance business,
focusing on covering natural disasters, the South China Morning Post reported,
citing chairman Peter Levene.
"Reinsurance companies can help provide stability to the insurance sector
and play an important role when catastrophes like snowstorms, floods or
earthquakes hit China," Levene said.
He added that Lloyd's will pursue profitable growth in China and will not
engage in price-cutting.
China's insurance regulator has in recent years been granting licenses to
foreign firms including Munich Re and Swiss Re.
Last year, it gave Lloyd's permission to set up a wholly owned company in
Shanghai to offer reinsurance nationwide.
andrew.pasek-vanburen@xinhuafinance.com
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xfnap/xfntm
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