2.1 Lloyd’s authorises first Chinese syndicate (England and Wales, China)
Lloyd’s of London has granted China Re the right to own an underwriting syndicate, making it the first Chinese firm to hold this right in the Market’s 326-year history. China Re has previously run a special purpose syndicate (Syndicate 2088) jointly with Catlin, writing a whole account quota share of Syndicate 2003. This will be converted into a full syndicate with effect from 1 January 2014, allowing China Re to itself write insurance in the Lloyd’s market. It is understood that the relationship between China Re and Catlin will continue, with Catlin acting as managing agent for the China Re Syndicate.
Increasing its international focus and reach is a key part of the Lloyd’s Vision 2025 project. The China Re approval is the latest of a number of recent steps taken to advance this goal. Other such moves have included acquisitions involving Latin American and Middle Eastern interests, as well as the creation of special purpose syndicates backed by Indian and Malaysian insurers.